Growth in freight tonne kilometers (FTKs) has continued to mirror developments in world trade. Since late 2014, there has been a trend change in world trade activity and a considerable decline in volumes, particularly in emerging Asia. The unusual spike in international FTKs seen in February was partly due to the timing of Lunar New Year and the backlog at US West Coast sea ports, but the trend in FTKs has been flat since Q4 2015.