IN THE NEWS: Fears are rising ocean freight rates may surpass $20,000 with no relief for global trade into 2025
CNBC
June 13, 2024
Lori Ann LaRocco
FROM THE ARTICLE: “This index data confirms what we are seeing from our data and hearing from shippers,” said Paul Brashier, vice president of global supply chain for ITS Logistics. A lack of containers and limited vessel capacity overseas has forced shippers to move to the spot market to find equipment to load out at origin. “That is significantly driving rates to levels not seen since the post-Covid crisis two years ago,” he said. Freight is also bottlenecked at port terminals due to extended dwell times and empty containers to load with goods are very scarce, Brashier added.
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