Surge in container freight rates choking global trade dispatchist.com


Source: dispatchist.com dispatchist.com

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Shipping cost escalations hurt smaller maritime nations more, making their exports unviable and prospects of economic recovery weak Starting from the end of 2020 and into 2021 container shortages and congestion at ports, along with other disruptions, resulted in record container freight rates, notably on the routes from China to Europe and the US.With a view to maintaining freight rates during the period of lower demand carriers restricted their capacity.Freight rates also escalated on the China-US trade corridor and faced backlogs and longer waiting periods which resulted in container shipping lines declaring extra fees and surcharges.This abnormal surge in container...