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China-Europe freight prices rise 20% amid Red Sea crisis
Posted on May 24, 2024 |
Freight charges surged by up to 20% on the China-Europe Railway Express within a month due to increasing shipping prices, notably influenced by the Red Sea crisis.
Most service platforms have made recent adjustments in rates along the route in response to a gradual increase in freight volumes.
Routes originating from Suzhou, Jiangsu province, and Zhengzhou, Henan province, experienced price hikes ranging from 10% to 20% compared to the previous month.
Freight rates for routes heading towards Russia also climbed by around 10%, mainly because of significant rises in container rental costs.
The Red Sea crisis, which began in October, has led to higher shipping costs and longer shipping times, prompting increased demand for alternatives like the China-Europe Railway Express.
Clients are turning to rail transport, particularly for time-sensitive orders, as it takes over 60 days to deliver goods from China to Europe while bypassing the Red Sea.
The China-Europe Railway Express saw a 10% increase in dispatched trains and an 11% rise in cargo units delivered in the first 4 months of 2024, reflecting its growing importance amid changing trade dynamics.