In the run-up to Chinese New Year, ocean freight rates on the Asia-Europe trade lane are showing no signs of abating. According to analysts, further rate hikes are expected later this month, with the real prices paid by customers soaring to unprecedented levels. Spot rates from Asia to Europe spiked again last week on equipment shortages, port delays and lack of capacity ahead of Chinese New Year factory closures in Asia from mid-February, reports said.
Rates on some Asia-Europe lanes saw hikes as high as 282 per cent and 212 per cent compared to a year earlier. Securing slots before Chinese New Year is proving very difficult as lines are said to be asking for premiums to guarantee slots and equipment far above standard rates, as per reports.
