Still delaying the shipment?
Still expecting a drop in shipping rates?
Don't wait, it's gone up again!
Ocean carriers are preparing to raise short-term rates sharply again as cargo volumes continue to surge, sources close to the industry say.
Spot prices for containers from Asia to Europe have surged further this week, particularly at Mediterranean ports.
In the trans-Pacific region, one carrier said space was "sold out" between late May and June.
The Nordic component of the Baltic Freight Index (FBX) rose 5 percent this week to $8, 151 per 40 feet, up a remarkable 475 percent from a year ago.
Spot FBX prices in the Mediterranean rose 11 per cent to $8,931 per 40ft as shippers from Asia scrambled for unusually tight and under-supplied available space to meet emergency restocking for the summer holidays.Compared with 12 months ago, short-term interest rates have soared by 345%.
According to the Ningbo Containerized Freight Index, some shipments are being delayed as demand for Freight "remains high" and a shortage of shipping space on routes.
This week the Nordic FAK rate is as high as $14, 000 per 40 feet.
One Shenzen-based freight forwarding company quoted a rate of $12,000 per 40 feet from China's main ports to Felixstowe or London Gateway at the end of May, which is said to be an excellent deal.
According to industry sources, the space for May has been fully booked and demand will remain highly active until the beginning of the third quarter.
For trans-Pacific trade routes, the FBX price from Asia to the West Coast of the United States rose 4% this week to $5,041 per 40 ft.
Spot prices on the East Coast rose 6% to $6,588/40 ft.
The US National Retail Federation forecasts that demand for imports from Asia shows no sign of abating.Retailers' buying spree to replenish low inventory levels will continue for months into the peak season.
Shippers from northern Europe are still struggling to secure space on the usually strong transatlantic routes and are being forced to pay higher rates and large surcharges to secure shipments, according to Mike Foreign Trade.
In addition, FBX prices from Northern Europe to the East Coast of the U.S. rose 5% to $3,596/40 ft, nearly double what they were a year ago.CMA CGM also increased its Sea Priority GO surcharge across the Atlantic to $2,000 per 40 feet.
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That means you book the box at a higher price and pay PSS and BAF, and that's not all, but you have to pay another $2,000 to make sure the container actually gets shipped."
Since the spot market index only represents the average price in the market, shippers paying at this rate level cannot guarantee the release of empty equipment or guarantee the accuracy of bookings, while shippers often book space at prices far above the market price in order to ensure successful delivery!
The current foreign trade situation seems that we are all working for the shipping company.