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Global trade rebound spurs rising shipping costs, echoing Covid chaos
Posted on June 3, 2024 |
Global trade is picking up after last year’s decline, raising shipping rates and causing concern among supply-chain managers, reminiscent of past disruptions.
Seaborne freight rates are increasing due to concerns about port congestion in Asia, potential labor strikes in North America, and escalating trade tensions between the US and China.
Earlier this year, Red Sea attacks forced ships to reroute around southern Africa, reducing capacity on routes from Asia to northern Europe by 15%-20%, according to A.P. Moller-Maersk A/S.
Importers and exporters in Asia, the US, and Europe usually see more shipments from July to September in preparation for back-to-school and holiday sales.
Spot rates for 40-foot containers to the US West Coast from Asia rose 13.4% to $4,915, which is three times the rate from late December but still below the peak of $20,586 in September 2021.
Spot rates for containers to northern Europe from Asia reached $4,882 last week, over three times higher than a year ago, according to Freightos.
Container imports through the top 10 US ports rose for the seventh consecutive month in April, with a 3-month average gain of 19.1%, the highest since July 2021.