White Papers The Best Ways to Make Use of Ocean Freight Forecast

Forecasting ocean freight rates is important for both carriers and shippers. This is especially true when the shipping industry is in a recession and carriers face challenges such as low profitability, reduced competitiveness, and funding shortages. In these situations, the accuracy of freight rate forecast becomes an essential tool for the survival and growth of both carriers and shippers.Despite various attempts that have been made on ocean freight forecast, most of the forecasts have been inaccurate. This raises an important question: Why do we fall to forecast ocean freight accurately? 

This white paper delves into the importance of ocean freight forecast, explore the possible causes of failure, and looks for ways to efficiently utilize the forecast results. 

Professor Jun Woo Jeon  |  Assistant Professor at Department of Global Logistics, Sungkyul University