The single biggest cost of shipping lines and air cargo carriers continues to tumble, giving the freight transport industry a welcome end-of-year bonus to add to the best peak season in years, with some savings transferred to customers through reduced fuel surcharges.
Since the Summer, crude oil has fallen 36 percent, with a sharp drop last week after the Organization of Oil Exporting Countries (OPEC) announced it would maintain its production targets. This has seen air freight and shipping fuel surcharges coming down.
Fuel comprises about half the operating costs of container lines and around 40 percent for planes.