Ocean freight container spot rates have risen sharply on the world’s top trades since the start of May, prompting speculation that the peak season has arrived early in 2024.
A perfect storm in global trade is causing a crunch in ocean container capacity, leading to a sudden and unexpected spike in ocean freight rates.
The start of the peak shipping season, coupled with extended sailings to avoid the Red Sea and bad weather in Asia, has hit trade flows on major routes. Ocean carriers are skipping ports or reducing their time in ports, not taking empty containers, to ensure ships deliver on time.
Sudden container crunch sends ocean freight rates soaring, setting off global trade alarm bells.
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