Global Container Rates On The Rise, Asia-US Prices Skyrocket

A key global trade inflation indicator is moving in the wrong direction as rising freight rates, reaching levels last seen in the early days of the pandemic, are causing problems in global trade and sourcing.

Although container rates have not yet returned to the $20,000 peak seen during the COVID-19 era, rates for many popular intra-Pacific routes have doubled or tripled year-to-date. Persistent issues with transiting through the Red Sea, along with container backups in ports like Singapore, are causing shipment backlogs. This has led to increased prices and lengthy delays on some routes.

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Other Resources:

https://www.cnbc.com/2024/06/13/fears-rise-ocean-freight-rates-may-hit-20000-with-no-relief-in-sight.html 

https://www.leschaco.com/fileadmin/user_upload/Leschaco_Customer_Advisory_-_Sustained_strong_container_market_demand_and_disruptions_caused_by_the_ongoing_crisis_in_the_Red_Sea.pdf