The Stifel Logistics Confidence Index slipped 0.5 points with air freight confidence rising 0.1 per cent and sea freight slipping almost one per cent to an overall reading of 56.8 in June after a promising six-month outlook.

Conditions have improved, but world trade is no longer expanding faster than domestic production, a situation now called the "new mediocre", reports the UK's Transport Intelligence.

The International Monetary Fund (IMF) is pinning hopes on trade liberalisation in the advanced economies, a focus on more investment, services and coherent regulations.

The air freight market saw strong improvements since 2013 thanks to lower oil prices and improving economic conditions in the US and Europe.

Port handling of larger ships, capacity and rate problems continue to be concerns for shippers and forwarders alike. This is the second month the index is below 50 - 5.4 points lower than June 2014 and 1.4 points lower than June 2013.

Three of the four lanes remain below the 50 with the US to Europe lane slipping even further for the third consecutive month to 38.7. Confidence on this lane is 14.2 points lower than that of 2013 and 10.7 points lower from 2013.

The six month outlook also seems to be worsening, down 1.6 points to 61.3.