Refrigerated Shipping Rates Dropped by 51% YoY from Vladivostok to East Asia in Apr-24

Operator rates for shipping products in refrigerated containers by sea from Vladivostok, Russia to East Asian countries, set in Apr-24, have decreased by 51% year-over-year (YoY). The cost of transporting one ton of products in a 40-foot refrigerated container in April is as follows:
To China (port of Dalian): USD 65 (51% lower than in 2023, 5% lower than the beginning of the previous quarter).
To Korea (port of Busan): USD74 (47% lower than in 2023, 12% lower than the beginning of the previous quarter).
The significant rate increase earlier was due to the withdrawal of global ocean carriers in 2022. However, Russian, Asian, and Middle Eastern shipping companies have since taken their place, leading to an oversupply in the market and a subsequent reduction in shipping tariffs, particularly on Asian routes.