40ft Container rates surpass the USD10,000 mark for the first time as many shipping lines refuse to sail to the UK.
Port congestion, is the main cause of these increased rates with ships held at anchor or missing the UK completely to off load in Belgium or Holland.
Mixed messages are come out for the reason for the port congestion, the consensus is the lack of investment in systems and equipment, although we have seen the Corona Virus blamed for some of the delays.
The shipping lines are now running large 19,000 TEU (Twenty foot equivalent unit) vessels, these big vessel need large cranes, take longer to off load and reload and need bigger berths, with regular arrivals and more time needed to off load and reload, the ports do not appear to be able to cope.
Lack of equipment is blamed, this is lack of cranes, containers and port transport which could be tackled with further investment as sailing may remain with the large vessels going forward