Amid declines in available slot space and equipment, Asia-Europe ocean freight rates are continuing to climb, resulting in a tough situation for the UK particularly hard hit by price rises and shortage of capacity. There are reports of rates above $10,000 per FEU to secure capacity from China to European main ports, with China-UK rates going even higher in what is seen as an auction for space. There is a roughly four-fold increase in ocean freight prices in the last quarter of 2020, alongside and partly caused by high levels of port congestion, shortage of empty containers, and vessel and cargo diversions to mainland European ports, as per a report.
Source: Exim News Service: London
