https://techmonitor.ai/comment-2/ocean-freight-pricing-time-to-embrace-ai

Ocean freight remains pivotal to global trade, with a staggering 90% of all consumed goods transported by sea. This sector, however, is not immune to disruptions, resulting in significant freight pricing volatility that ultimately affects consumers through shortages or price fluctuations.

Economic factors such as slow growth, a recession, and supply variations, can all influence ocean freight rates. Lately, we’ve seen geopolitical factors play a more significant role. Notable events like the COVID-19 pandemic, the Suez Canal blockage, the conflict in Ukraine, and the Red Sea attacks are all clear examples. A specific incident highlighted by the Freightos Baltic Index occurred in early 2024, where ocean spot pricing surged by 80% within just eleven days following Houthi attacks in the Red Sea— affecting not just regional rates, but also causing a worldwide ripple effect.