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Vietnamese government tries to cool overheated freight market

The Vietnamese government, together with its counterparts in China, Taiwan, the US and South Korea, is trying to intervene to cool the overheated container shipping market.

Vietnam’s Ministry of Industry and Trade (MOIT) has informed twelve liner operators, including Maersk Line and HMM, that they are required to report data about empty containers and shipping routes between Vietnam, Europe and the Americas from January 2020 to the present day.

The reason for this is that the MOIT is concerned that the shortage of containers, which has seen freight rates spike, is damaging Vietnam’s export competitiveness.

The Vietnam Association of Seafood Exporters and Producers stated that in October 2020, freight rates from Vietnam to the UK averaged US$1,420/TEU but shot up to US$10,550/TEU in January. Likewise, freight rates from Vietnam to Los Angeles soared from US$1,000/FEU to US$6,000/FEU in January.

Source: thehaulagenews.com


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