Shipping container freight rates going up blowout

Shipping container freight rates going up blowout

China's exports recovered fast from the COVID-19 pandemic but delivering goods overseas has become difficult due to increasing shipping costs.

In October, China's export volume topped 1.6 trillion yuan, jumping 7.6 percent year on year, the seventh consecutive month of positive growth since the corona virus outbreak. 

The problem is that shipping containers usually move back and forth along the same route, but interruptions to international trade caused by COVID-19 now mean that many containers ship off to one port and then get stuck there. Many containers are being found on the wrong side of the ocean.

"It's booming and carriers push up rates … equipment shortage is everywhere. Volume is suddenly booming and carriers are not prepared well,

The imbalance between the rising demands of exporters and the tight supply of containers is causing a worldwide challenge.