Global container shortage drives spike in shipping rates

A shortage of containers and unexpected demand for delivery by sea has driven a surge in international freight rates in the second half of the year. Freight carriers are facing a shortage of shipping containers amid a wave of demand for delivery by sea, helping drive up rates and increasing supply chain costs for some businesses across Asia.

Although the increasing trend of freight price cannot be maintained in the long run, a fall back in the short term is impossible. Obviously, it will take a long time for the shipping company to completely abandon the space control measures. Coupled with the approaching Christmas season, the volume of Chinese exports will continue to be strong. So we can only wait for a while. If the covid-19 epidemic could be controlled as soon as possible in the world within 2020 and the world economy get back on track, then by 2021, container freight rates will slowly return to a normal level.