by John Konrad (gCaptain) Long-term rates for shipping containers to New Zealand and Australia have soared in the past few years, and are now at record highs. This is despite the fact that import volumes have decreased.
Xeneta’s latest data shows that long-term rates for ocean freight into Australasia have soared by over 400% since 2019. This is a huge increase in the cost of long-term ocean freight into Australasia, with all main routes now more than double last year’s prices.
“The largest percentage increase comes in long-term contracts from South East Asia, which are up by more than 420% from July 2019, rising by $6,300 per FEU container, so that the average cost is now $7800 per FEU.” the company said. “It is also the trade that has seen the largest year-on-year increase, as in July 2021, the average rate was ‘just’ USD 2 900 per FEU.”
In the first five months of the year, 41% of total containerized imports to Australia came from China, followed by South East Asia, from where 20% of total imports came.
In total, in the first five months of the year, Australian containerized imports are down by 7.6%, while those to New Zealand have fallen by 13.5%.
Long-term container rates from North Europe remain the most expensive trade-rates for the region.
The U.S. Environmental Protection Agency (EPA) on Tuesday announced the allocation of nearly $3 billion to fund 55 zero-emission projects at ports across the country. These projects, supported by the...
The Maritime and Port Authority of Singapore (MPA) has confirmed a significant bunker fuel spill in Singaporean waters off the coast of Changi. The spill occurred at approximately 5:40 p.m....
The ten largest U.S. container ports reported a 10.9% year-over-year increase in inbound volumes in September, marking the twelfth consecutive month of year-over-year growth, though slightly below August’s 19.5% jump,...
October 29, 2024
Total Views: 799
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.