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Slow Vaccine Rates for Seafarers Threaten to Worsen Shipping Chaos
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China-U S shipping expense skyrockets
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Top U.S. Ship Regulator Pledges to Keep Pressure on Carriers
Jul 09 2021, 11:39 PM
July 09 2021, 10:46 PM
July 09 2021, 11:39 PM
(Bloomberg) President Joe Bidenâs targeting of shipping lines in a crackdown on uncompetitive industries should be welcome news to American companies paying record-high rates for ocean freight, a market that a growing number of importers complain is dominated by just a few big players.
(Bloomberg) President Joe Bidenâs targeting of shipping lines in a crackdown on uncompetitive industries should be welcome news to American companies paying record-high rates for ocean freight, a market that a growing number of importers complain is dominated by just a few big players.
Synopsis
While demand from American consumers and companies is one reason for the rate spike, a shortage of containers remains another reason for the tight market.
iStock
The average wait for berth space was 5.3 days, compared with 4.6 in early June, according to the L.A. port. That number peaked around 8 days in April.
The cost to ship a boxload of goods to the U.S. from China edged close to $10,000 as the world’s biggest economy keeps vacuuming up imports amid slower recoveries from the pandemic from Europe to Asia.
The spot rate for a 40-foot
container from Shanghai to Los Angeles increased to $9,631, up 5% from the previous week and 229% higher than a year ago, according to the Drewry World Container Index published Thursday. A composite index, reflecting eight major trade routes, rose to $8,796, a 333% surge from a year ago. Drewry said it expects rates to increase further in the coming week.
Top U S Ship Regulator Pledges to Keep Pressure on Carriers
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