Suez Canal delay pushes up freight rates.
Mid April freight rates are set to rise again due to the impact of the Ever Given being stranded in the Suez Canal.
We expect to see port delays and are already seeing the impact of shortage of equipment for end April early May shipments.
According to my information today 07.04.2021, the Ever Given cargo will be lost as the vessel is buckled and will be set for salvage.
The vessel holds 20,000 TEU (twenty foot equivalent units) and if the vessel is set to be salvaged it will result in a ‘General Average’ being paid for cargo on board and companies with containers on board will not see the cargo and are set to lose thousands in revenue.
The vessel is currently at anchor and with no sign of movement, so expect to hear shortly the official news.
Tinplate prices are rocketing as demand picks up following the closure of production sites during the pandemic.
Many of the steel producing mills were closed last year when the pandemic hit and demand for tinplate dropped, now that demand has increased again we are seeing a lack of material in the market that has resulted in a big hike in prices.
Quotes are now only valid for 2 weeks as we search to stabilise our prices by buying extra tinplate.