Crazy tenfold! Freight rates soared by $1,500 in a week, setting a new record high

Rising! Rising! Rising! This can be said to be the most realistic portrayal of freight rates this year. When many people thought that freight rates had reached their peak to a certain extent, freight rates have achieved new breakthroughs one after another. Countless sellers can only sigh in the face of rising freight rates: "Why do I always have tears in my eyes? Because the freight rate increase is so high that it makes me feel cold!"

Container freight rates hit new highs

Yes, this week, container freight rates from Asia to Europe hit a record high again!

Platts Container Rate 1 showed on Monday that container freight rates from North Asia to North Europe have soared to $12,000/FEU, up $1,500/FEU from the previous week and almost 10 times the $1,300/FEU assessed on this route last year .

In addition, container prices from North Asia to the UK also hit a record high, soaring to US$14,500/FEU, in sharp contrast to US$1,325/ FEU last year .

The world can clearly feel the distress caused by the fact that the demand on major global routes far exceeds the supply. At the beginning of 2020, it only took about 7 to 10 days for some containers to be unloaded. Now, it takes a full 4 weeks to return to the port.

In addition to factors such as demand exceeding supply, the successive collapse of foreign ports has also caused a sharp decline in the circulation speed of containers, which in turn has exacerbated the supply and demand of containers and accelerated the formation of a vicious cycle.

Delays and fires frequently occur

According to a message released by ONE, a container ship named "NYK Delphinus" caught fire on May 14.

The fire was reportedly reported about 50 miles west of the Monterey coast of California when the ship caught fire in the cabin, but the fire was quickly brought under control. It was reported that all crew members on the ship were unharmed and there was no information about cargo damage. After the fire, the ship will dock at the Port of Oakland and wait for the US authorities to complete the ship assessment.

In addition to frequent fires, the COVID-19 pandemic has also seriously disrupted the normal operation of the shipping industry.

After a Maersk container ship was found to have two crew members infected with the new coronavirus on its way to Yantian , a container ship named "SINGAPORE BRIDGE" was found to have crew members showing symptoms suspected of being infected with the new coronavirus on its way to Shekou . The Vietnamese authorities have now assisted in bringing the crew ashore for emergency treatment.

It is reported that this container ship will call at multiple Chinese ports including Shekou, Shanghai, Ningbo and Hong Kong , and the co-shipping companies include Yang Ming Marine Transport and Wan Hai Lines . As of May 16, the SINGAPORE BRIDGE is still drifting within the port boundary of Quy Nhon (without anchoring or berthing), and it seems that the delay of the ship is inevitable!

If there are sellers with goods loaded on the above ships , they should also contact the freight forwarder in time to understand the specific circumstances of the cargo damage and shipping delays in order to avoid causing further losses.

Judging from the current situation of the entire logistics industry, problems such as lack of warehouses and containers on container ships and ship delays will continue to restrict the shipping market, and this situation may continue until the fourth quarter of this year .

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