Why Are Sea Shipping Costs So High 2021?

Shipping costs have risen sharply and fierce competition for ocean freight capacity is the new normal. With new capacity only slowly coming onstream, freight rates are expected to continue to reach new highs this year and will remain above their pre-pandemic levels in the longer term.

5 reasons global shipping costs will continue to rise

No short-term relief

Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surge in prices across different freight rates (dry bulk, containers) along major trade routes. Prices for several trade lanes have tripled compared to last year, and charter prices for container vessels have seen similar rises.

There is little sign of relief in the short term, and rates are therefore likely to continue spiking in the second half of this year, as rising global demand will continue to be met with limited increases in shipping capacity and the disruptive effects of local lockdowns. Even when new capacity arrives, container liners may continue to be more active in managing it, keeping freight rates at a higher level than before the pandemic.

Here are five reasons why costs aren’t going to come down anytime soon.

* Continued global imbalances push prices up further

*Few alternatives to ocean freight

*An unbalanced recovery throughout 2021

*Reduced blank sailings will help ease capacity constraints

*Port congestion and closures keep creating delays

So, it’s better to place order earlier if possible for a prompt delivery. 

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