Ocean freight rates are rising steadily as high demand has led to a shortage of containers and to congested ports, reports Hellenic Shipping News.
The Shanghai Containerized Freight Index (SCFI), a barometer of ocean freight rates, hit 3,343.34 points on May 14, a record high. On year, it is up three-fold.
While the SCFI has been rising steadily during the pandemic, it has spiked since March when the Ever Given blocked the Suez Canal for six days.
A 40-foot equivalent unit (FEU) traveling between Asia and East Coast America hit an all-time high on May 14 of $7,378, up $342 from the previous week. An FEU Asia to the U.S. West Coast was $4,839, according to the Ministry of Oceans and Fisheries and Ministry of Trade, Industry and Energy.
