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Shippers are bracing for a further broadside of rate increases in June across multiple trades, as ocean carriers beef up profits ahead of the peak season. After a period of stability, following hikes of up to 200% in the second half of last year, transpacific carriers are rolling out a raft of...
Container freight indices are on the rise again, but even at their highly elevated levels they mask the true cost of shipping. For example, the Freightos Baltic Index (FBX) North European component jumped by 6% this week, to $7,791 per 40 ft – a huge 450% increase on the rate a year...
Container spot rates are beginning to head upwards again across all trades from already elevated levels, as carriers reduce their commitment to contract volumes in favour of much higher FAK rates. The Freightos Baltic Index (FBX) China-North Europe component edged up to $7,316 per 40ft this week, and market reports to The...
There are reports of “sharp increases” in Asia-Europe container spot rates this week, as the fallout from the week-long Suez Canal blockage restricts both vessel and equipment capacity in Asia. Today’s Ningbo Containerized Freight Index (NCFI) North Europe and Mediterranean component jumped by 8.7%, almost matching the 8.6% increase on the Shanghai...
Maersk’s decision to “temporarily suspend” spot and short-term contract bookings from Asia following the Suez Canal blockage has left forwarders and NVOCCs scrambling for alternatives. The carrier said on Tuesday it estimated a loss of capacity across its network of up to 30% “over multiple weeks”, in addition to equipment shortages in...
Container spot rates from Asia may have eased slightly from their record highs, post-Chinese new year, but rates for backhaul and secondary trades continue to head north. According to today’s Freightos Baltic Index (FBX), the spot rate for North Europe is $7,684 per 40ft, down from more than $8,000 at the beginning...
Container spot rates from Asia to Europe remained virtually unchanged this week, despite softer demand, assisting carriers to lock-in shippers with huge contract rate hikes. On the transpacific, there was no let up in demand and BCOs are struggling to secure new deals with carriers. According to the Asia to North Europe component...
There are growing signs that the sky-high freight prices on the Asia-Europe trades may be beginning to structurally undermine it, as European importers begin to look for alternatives to sourcing from China. Keith Gaskin, group commercial director of Seko Logistics in the UK, said: “I am seeing importers in the UK and...
“Shippers shouldn’t let down their guards, just yet” – a phrase that could be true of any mode right now, but in this instance it refers to air freight. Bruce Chan, analyst for Stifel, warned shippers rates would remain inflated in air cargo, owing to “significant backlogs … in the entire freight...
Container spot rates from Asia to Europe and Asia to the US eased back further this week from their record highs. Nevertheless they are expected to stay at very elevated levels for some time. According to today’s reading of the Freightos Baltic Index (FBX), the rate for a 40ft from Asia to North...