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Asia-Europe Spot Rates Head for Increase as New China Covid Crisis Bites

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Asia-Europe Spot Rates Head for Increase as New China Covid Crisis Bites

June 18
23:36 2021
UNEEK GROUP / UNEEK FORWARDING
Freight Forwarding and Logistics

Ocean carriers are rolling out more rate increases, with shipping rates from Asia to North Europe edging towards $20,000 per 40ft .This represents an incredible 1,000% increase on the spot rate for the trade a year ago.

Meanwhile, transpacific carriers are hitting Asia to US shippers on 15 June, with GRIs of up to $3,000 per 40ft,with some carriers  now asking $17,000 per 40ft for US east coast ports.

And transatlantic shippers are also feeling the pain of rate hike contagion with week-on-week hefty increases: this week’s North Europe to US component jumped 17%, to $5,069 per 40ft.

For Asia to North Europe climbed a further 5%, to $10,998 per 40ft, however, most of the limited availability carrier rate offers   seen this week for UK delivery were around $16,000 per 40ft.

The transpacific for the US west coast was up by 10% this week, to $6,106 per 40ft, while for the east coast the index surged by 16%, to $8,716 per 40ft.

We also are expecting many cancelled orders from China from retailers who cannot shift stock at increased retail prices.

The main driver of the new raft of hefty rate increases across virtually all trade lanes is the Covid crisis at the southern China ports, particularly Yantian, where there were reported to be up to 40 vessels waiting to berth this week.

The Yantian lockdown will have a much larger impact upon the flow of goods in the transpacific than the Suez Canal blockage, importers will be severely impacted as their containers sit in South China for weeks on end with little or no access to vessels.

There is no dispute that we are in for a bumpy ride until the costs get back to some normality.

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