LONG BEACH, Calif., March 8 (UPI) -- Economists speaking at a Monday California trade conference predicted a moderate rise in Ocean freight rates during the coming year.
Speakers at the Pacific maritime trade conference in Long Beach said cargo rates worldwide would likely go up a little more than 10 percent during upcoming annual negotiations between carriers and shippers.
Economic expansion in both North America and Asia is expected to fill more ships bound for the U.S. West Coast, primarily with manufactured goods from China and other Asian nations.
The economists said higher cargo volume plus the introduction of new and larger vessels will result in higher rates, although not as much as the 40-percent bumps seen last year.
The economists also predict despite the relatively low job-creation numbers in the United States, consumer confidence remains high and will translate to sustained demand for imported goods.
