Ocean freight shippers are and have negotiated current and due-to-expire long-term agreements as spot rates remain significantly lower than long-term rates. Both spot and contract air cargo rates continue to fall from the highs of 2022, general cargo rates down globally by nearly 40% year-on-year through the first eight months of 2023, yet special rates (including high-tech) rose by 7%, according to WorldACD. Buyer's should move to secure long-term agreements before air rates likely rise in 2024, while noting that ocean freight rates – driven down by massive excess capacity this year – may artifically be inflated as lines employ blank sailings, schedule adjustments, ans slow steaming to constrain supply.