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The global freight market has undergone significant fluctuations over the past few years, driven by the COVID-19 pandemic, geopolitical tensions, and shifting trade dynamics. Container freight rates surged to record highs in 2021–2022, peaking on routes like Asia–Europe and Trans-Pacific. By late 2023, rates began to normalize but remain higher than pre-pandemic levels.
Key Figures:
- Average global container freight rate (2022 peak): over $10,000 per FEU (Forty-foot Equivalent Unit).]
- Average rate by early 2024: around $1,500–2,000 per FEU, still ~50% higher than pre-COVID averages.
Challenges include capacity constraints, energy costs, and environmental regulations such as IMO 2023 carbon intensity measures. For businesses in Pakistan, these global shifts directly affect import/export costs and delivery timelines.
