Time: 2020-05-11 16:39:24
Author: GUANYI
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With many importers and exporters already shipping holiday inventory, August is likely set a new record for monthly US ocean import volumes.
In response to rising demand, ocean carriers have increased transpacific container capacity by approximately 22%. But with no way to increase port capacity, those additional ships are contributing to the new record number of vessels waiting for days outside of LA/Long Beach ports.
Ocean freight rates remain extremely high but stable.
Containerized Freight Rates from the Freightos Baltic Index | |||||
Lane | Global | Asia-US West Coast | Asia-US East Coast | Asia-North Europe | North Europe-US East Coast |
This Week | $10,321 | $18,425 | $20,057 | $13,855 | $5,929 |
Last Week | 0% | 0% | 0% | 0% | 0% |
Last Year* | 430% | 452% | 415% | 714% | 238% |
* Compared to the corresponding week in 2020 |
Basically, freight is really expensive, but with close to no capacity many importers and exporters are willing to pay premiums in addition to these rates just to keep their goods moving.