Global seaborne imports increased by 5.5%, and waterway congestion is expected to continue until next year

In the first seven months of 2021 , global seaborne imports grew by 5.5%, the fastest growth in the global shipping industry since 2008. Due to the raging epidemic, people's consumption has shifted from offline to online, which has put higher demands on global logistics. Against the backdrop of the booming shipping industry, freight prices have continued to rise and waterway congestion has followed .

Some U.S. port operators said recently that the chaotic congestion in major global shipping lanes will continue into next year due to the shipping boom driven by manufacturers and retailers to replenish depleted inventories, and the shipping industry's usual seasonal off-season is expected to still have strong demand.

From giant container ships stacked high with steel boxes, to bulk carriers that can hold thousands of tons of coal, to specialized vessels designed to carry cars and trucks, revenues for nearly every type of ship are soaring.

Industry insiders analyzed that the reasons for this prosperity are twofold . On the one hand, the economic recovery after the brief stabilization of the epidemic has stimulated a surge in demand for commodities and raw materials ; on the other hand , the global supply chain disruptions, port blockages and ship delays caused by the epidemic have limited the amount of goods available for transoceanic transportation , allowing most shipping industries to reap huge profits in recent months.

According to data from Clarkson Research Services Ltd., the world's largest ship broker, the shipping industry has recorded its strongest daily revenue since 2008. It now costs $ 14,287 to ship a 40-foot steel box from China to Europe , more than five times more than a year ago . The rise in ocean freight costs has directly pushed up the transportation costs of all categories of cross-border goods .

The continuous increase in ocean freight prices has concerned cross-border trade sellers. Finally, after the freight rates have soared, shipping giants such as CMA CGM announced a freeze in freight rates, and global ocean freight prices are expected to stabilize .

During the peak shipping season, China-US shipping prices returned to more than $20,000/FEU (40-foot standard container). At the same time, shipping giants such as CMA CGM and Hapag-Lloyd suddenly announced a freeze in freight rates. The Global Container Freight Index launched by the Baltic Shipping Exchange and Freightos shows that as of the 12th, China/Southeast Asia-North America West Coast and China/Southeast Asia-North America East Coast shipping prices continued to rise slightly, both exceeding the $20,000 mark. Huo Jianguo, vice president of the China World Trade Organization Research Association, said that the statements of these shipping companies mean that global shipping prices will tend to be relatively stable.

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