Inflation alert: Container shipping rates just spiked (again)
Asia - Europe rates now 5.9 times higher than they were at this time last year
The headlines last August and September blared: “Trans-Pacific rates are going crazy.” “Rates are on fire.” “Records shattered.” Oh, what cargo shippers would give to pay the rates they paid eight or nine months ago. Those earlier records were repeatedly shattered. It just happened yet again.
Asia-USA West Coast rates now 3.2 times higher than they were at this time last year
According to Frieghtos, Asia-North Europe rates on Wednesday were $8,331 per FEU, up 493% y/y or 5.9 times rates in mid-May 2020. Of all the mainline trades, rates in Asia-North Europe have risen the most. In general, freight cost increases are not only more painful in Europe than in the U.S. because they’ve risen faster, but because Europe — unlike the U.S. — is in the midst of a recession.
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