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Ocean Freight Rates Report

Period : 1st Jan 2021– 31st March 2022

Date : 16th April 2022

Researcher : Esther Low

Source : Freightos Baltic Index

Global Average Rates of Ocean Freight

As of 31st March 2022, ocean freight is $9,430, a 173% change since the start of Jan 2021.

Fortunately the rise in ocean freight has stabilized since November 2021, at the $9,000-

$9,800 levels. The highest ocean freight rates reported is in the month of Sep 2021 which

reach new freight rate highs of $11,100. The staggering rise of freight rates is attributed to

the COVID-19 pandemic that has disrupted global supply chain due to strict lockdowns and

controlled movements as well as the surge in demand for goods despite shortages of empty


Ocean Freight Rates for Far East Region

(China/East Asia ↔ North Europe)

Ocean freight rates for routes East Asia/China to North Europe has started to ease in Feb

22, we can see that the rates for the route at the end of Jan 22 is $15,000 and gradually

decrease to $12,314 by the end of March 22 (down 14%). Overall, the ocean freight rate for

this route is up by 108% from $5,293 in Jan 21 to $12,314 by the end of March 22.

Meanwhile rates for return route from North Europe to China/East Asia faces downward

price pressure from the highest in May 2021 at $1,750 to $883 end March 22 (down 47%),

the average rate of the whole period is $1,391.

Ocean Freight Rates for Pacific Region

(China/East Asia ↔ North America East Coast)

Freight rate as of 31st Mar 2022 is $17,386, with the highest within this reporting period at

$22,173 in Sept 2021. Based on the earliest reporting period till the last, freight rates have

increased by 222% from $5,394 in Jan 21 to $17,386 in March 2022. The average freight

rate for this route is $13,847.

For the return route North America East Coast to China/East Asia, the latest freight rate as

of 31 st March 22 is $891. Based on the graph, the highest rate is $1,421 on 11 th June 2021

and the lowest rate is $624 which is on 1 st Jan 2021. Freight rate for this route is up 43%

from 1 st Jan 2021 to 31 st March 2021. The average freight rate for this reporting period is


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