Globally technological advances, economies of scale, improved trade and transport facilitation, as well as more fuel efficient ships and trucks have all contributed to the trend of a long-term decline in international transport costs. This according to the United Nations Conference on Trade and Development (UNCTAD) Review of Maritime Transport 2015.
Among the main regional groupings, African countries paid the most, largely because most African countries are landlocked and customs and border procedures are onerous.
The report also noted that the dry bulk market freight rates could face another challenging year, owing to capacity surplus and uncertainties in demand that still existed.
