As predicted freight has surpassed USD14,000 for a 40ft container and is the record high for June shipments.
Sri Lanka rates remain over USD9,000 cheaper and is a good option for European and UK clients.
Yantian Port closes due to Covid outbreak
Today 25th May we have seen an out break of Covid 19 at the Yantian Port in China.
The authorities are working hard to contain this spike and in doing so have suspended any container traffic into and out of the port.
The surrounding roads are congested, this will lead to further vessel delays and will cause freight rates to remain at the all time high.
May and June Freight Rates Pass USD12,000
We have seen freight rates during May surpass the highs that we saw prior to Chinese New Year.
The prices have been driven up due to the lack of equipment in China, meaning lack of containers and vessels caused by the delays to the Suez Canal blockage.
Rate will probably stay at this level until at least Mid to Late June as the fleets need to realign.