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Global container prices rose by 3.2% in September

Freight rates up more than 90% in one year

According to the Xeneta Shipping Index, there has been another monthly hike in long-term ocean freight rates, with global container prices rising by 3.2% in September, meaning that rates now mark a remarkable surge of 91.5% over the previous year.

However, "there is little evidence to suggest a weakening of market fundamentals, meaning there could be more pain in store for shippers with colossal profits looming for carriers," noted Xeneta, the freight rate benchmarking and market intelligence platform.

In the meantime, port congestion remains high, especially in key hubs such as Los Angeles, Long Beach, New York, and Hamburg, and equipment is in short supply. "Seen against strong pre-festive season demand, and stubbornly high spot rates, it’s difficult to see much relief on the horizon for shippers," claimed Berglund, who concluded, "It’s a tough market out there, and probably will be for some time to come."

Source: container-news.com



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