The evidence seems to show that it’s because shippers are booking more. It’s possibly because they are afraid of more disruptions, such as the Red Sea attacks and closures such as Baltimore and the Panama Canal delays.
Drewry’s says there is no shortage of ships, even for the longer routes bypassing the Red Sea. And there is a glut of new ships slated to come into service soon. But demand is driving the price rises. The graph shows loaded volumes on key container routes and changes since a year ago. It’s from the Drewry’s interview in the link below.
Source: Drewry Maritime Research derived from Container Trades Statistics, enquiries@drewry.co.uk
It is well worth listening to. The Drewry’s expert has a firm, data-driven grip on what’s happening in container shipping.
29 May 2024
https://www.drewry.co.uk/maritime-research-opinion-browser/freight-loop—why-are-spot-rates-surging
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- Source: https://supplychainandlogistics.org/2024/06/07/why-are-container-spot-rates-surging/
