Asia Ocean Rates Continuing To Rise

June 14, 2024

Asia Ocean Rates Continuing To Rise

Ocean freight rates have been continuing to rise from Asia this month, as market conditions now mirror the period that followed the outbreak of the coronavirus pandemic.

Finding space on vessels continues to be a major challenge and, even when this can be achieved, trying to secure container equipment becomes a secondary obstacle. If that is not bad enough, several ports in Asia are congested and vessels are sometimes omitting them from sailings.

Prior to the commercial shipping attacks in the Red Sea and the rerouting of containerships around Africa at the turn of the year, vessels were a long way from full and rates had fallen to rock bottom levels. However, the longer transit times have led to capacity issues and the explosion of ocean freight rates.

There is no sign that the issues affecting the Red Sea are coming to an end anytime soon, which could see rates continuing rise towards the record high levels we witnessed post-Covid. However, it may be that we are in the midst of an early peak-season demand boom, and if volumes drop off then rates could finally slow down during July.

The Unique team are monitoring the situation on a daily basis and are working extremely hard to manage space during these very challenging times.

 

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