May saw the highest ever monthly increase in long-term contracted ocean freight rates, as the cost of locking in container shipments soared by 30.1%.
April has delivered a shock to the system for long-term ocean freight rates from the US to the Far East, with significant falls on both East Coast and West Coast routes.
As of January 7th, data from the Ports of Los Angeles and Long Beach showed that 103 vessels expected to deliver approx. 147,000 TEUs at these two ports were either waiting in the 40 nautical mile zone or loitering/drifting/slow steaming heading to the ports.
Drewry Maritime Financial Research (DMFR), the investment research arm of global shipping consultancy Drewry, remains bullish about continued high stock prices and rising profitability in the booming container carrier sector.
Long-term contracted ocean freight rates rocketed by a further 16.3% over the course of November, consolidating recent gains to leave container shipping costs up 121.2% year-on-year.
Ocean carriers remain in pole position in negotiations for long-term freight contracts, with high demand, port congestion, and supply chain disruption driving further rates increases.
Xeneta’s Long-Term XSI® Public Indices revealed yet another monthly hike in long-term ocean freight rates, with global container prices climbing by 3.2%.
China International Marine Containers Ltd., a global leader in logistics and energy equipment, will acquire the A.P. Moller – Maersk owned Maersk Container Industry, a leading manufacturer of refrigerated containers.
After another month of high demand, over-stretched infrastructure and difficult negotiations for shippers, long-term contracted ocean freight rates now stand 85.5% higher than at this point last year.
Prices of dry freight shipping containers have doubled over the past year to reach historic highs but will moderate over the next few years, according Drewry’s recently published Container Census & Leasing Annual Review and Forecast 2021/22 report.