Sunday, August 16, 2020

Shipping: "Chinese authorities investigate liners as transpacific rates hit record territory"

From Splash 24/7:
China’s Ministry of Transport has sent letters to six major containerlines, asking them for explanations behind the recent freight rate surges, which has seen ships charging record figures on the transpacific.
The six companies questioned are Cosco, Maersk, MSC, CMA CGM, Hapag Lloyd and Evergreen.
According to Alphaliner, spot freight rates on the North China to US West Coast trade have surged to their highest level ever, despite the restoration of blank sailings by carriers and even the introduction of new capacity.

Rates are now 120% up on their value a year ago. Prices on the route reached $3,144 last Friday, consolidating the all-time high of $3,167 recorded the previous week. Both mark the first time rates have exceeded $3,000....

Shipping: "More carriers must blank voyages to avoid transatlantic rate collapse"
Contra the transPacific routes where the price per box is over $3100.*
*Shipping: Trans-Pacific Spot Freight Rates Hit Record (fewer boxes but more $ per)