Home Business and Finance Shipping Container Fees Skyrocket and Shortages Loom

Shipping Container Fees Skyrocket and Shortages Loom

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Export trade experienced numerous fluctuations in the first two quarters of this year, as the COVID-19 crisis reduced transport and complicated distribution, intensifying competition between distributors and skyrocketing shipping container fees.

Export trade experienced numerous fluctuations in the first two quarters of this year, as the COVID-19 crisis reduced transport and complicated distribution, intensifying competition between distributors and skyrocketing shipping container fees.

Prices increased in July and August, and there was a significant shortage of shipping containers in the first week of October. Transports costs and trade volume on the US-China trade route has increased since June,  transport costs in other routes followed suit.

Many importers around the world are speeding up purchases to stock up for the upcoming Christmas season and prices are rising visibly. Chinese shipping company Wanhai announced that the transport cost of export from Shenzhen to Southeast Asia increased by $500 and $1,000 per shipping container since June. The transport cost of a standard shipping container is already at $2,000 and increases every single day.