"The carriers have enjoyed staggering rates rises, driven by factors such as strong demand, a lack of equipment, congestion, and Covid uncertainty, for 17 of the last 19 months," said Xeneta CEO Patrik Berglund.

"July has seen yet more upticks across the board, but the signs are clear there is a 'shift' in sentiment as some fundamentals evolve."

Mr Berglund notes that July's increases are the slowest since January, with upward pressure on long-term agreements easing as spot rates fall across major trades.

"So, indications are there that we may have reached a peak and that prices of new agreements are more likely to hold than suddenly leap up again, as we've become accustomed to seeing of late," said Mr Berglund.

"However, that's probably of little comfort to shippers that have been continually battered by a market in overdrive and now see prices stabilizing at historically high levels."

"That said, nothing is certain. US and European ports are still congested, industrial action on the logistics chain is spreading globally and, of course, we still have the threat of Covid and its impact on economic activity, particularly in China. There's a lot of variables at play, so it's imperative to stay tuned to the latest intelligence when negotiating long-term contracts to achieve a competitive edge," said Mr Berglund.

On a regional basis, July's XSI shows a rise in the global index of 435.2 points and gains across all major corridors.