"In addition to securing much lower rates, shippers are receiving improved service this year. Transit times are twice as fast as a year ago and port congestion at major ports has reduced by 50 per cent in North America and 60 per cent in Europe," Drewry said.

Looking ahead, Drewry believes that it will become more important for shippers to understand the break-even cost of ocean carriers, for the purpose of setting realistic target rates.

"This is the largest year-on-year reduction in shipping costs for at least seven years," said Drewry.

Detailed data on the reductions by lane and by region are confidential, but shippers who wish to check whether they have obtained their share of the savings - or should aim for more - can get detailed cost analysis on this from Drewry on any global route.

"We provide benchmark reports covering both US dollar rates in absolute terms (for the same lanes and equipment type) and looking at the year-on-year percentage cost reduction obtained since last year," said the research house.

When Drewry presented at Logistics Management Magazine's popular, annual "Rate Outlook" webinar back in January, we said that contract rates this year would fall by at least 50 per cent year on year, and shippers would also be able to secure better terms and conditions, on things like payment terms and liquidated damages.

"With hindsight, we should have said 'at least 60 per cent'. Some of our shipper clients have saved between $10 million and $200 million in ocean freight costs."