Global goods trade is showing signs of accelerating after last year’s slump, pushing up shipping rates and giving some supply chain managers flashbacks to the demand spike that disrupted international commerce three years ago.
“This situation will bring back memories of the chaos and sky-rocketing ocean freight rates during the pandemic,” said Emily Stausbøll, a senior shipping analyst with Xeneta, an Oslo-based freight analytics platform. “Shippers have learned lessons from COVID-19 and some are bringing their imports forward, ahead of the peak season and the potential for a capacity squeeze.”
Some of the catalysts for the monthlong advance in seaborne freight rates stem more from worry than optimism. They include concerns about port congestion in Asia, labour strikes in North America that threaten to hobble ports or rail services, and heightened trade tensions between the U.S. and China.
Read more in an article from the American Journal of Transportation.