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International shipping prices continue to “high fever”, what is the truth behind?

International shipping prices continue to “high fever”, what is the truth behind?

Recently, shipping prices soared, container “a box is hard to find” and other phenomena triggered concern.

According to CCTV financial reports, Maersk, Duffy, Hapag-Lloyd and other head of the shipping company has issued a price increase letter, a 40-foot container, shipping prices rose up to 2000 U.S. dollars. The price increase mainly affects North America, Europe and the Mediterranean and other regions, and the rate of increase of some routes is even close to 70%.


It is worth noting that is currently in the traditional off-season in the maritime transportation market. Sea freight prices rose against the trend in the off-season, what are the reasons behind? This round of shipping prices, the foreign trade city of Shenzhen will have what impact?

Behind the continuous rise in shipping prices

Marine transportation prices continue to rise, the market supply and demand relationship is out of balance or the direct cause.


First look at the supply side.

This round of shipping prices higher, focusing on South America and the wave of red two routes. Since the beginning of this year, the situation in the Red Sea continues to be tense, so that many of the collection of ships to Europe to seek farther away, give up the Suez Canal route, a detour to sail the Cape of Good Hope in Africa.

According to the Russian satellite news agency reported on May 14, the Suez Canal Authority Chairman Osama Rabiye said that since November 2023, nearly 3,400 ships were forced to change the route, did not enter the Suez Canal. Against this backdrop, shipping companies have been forced to regulate their revenues by adjusting maritime prices.


Longer voyage superimposed on the transit port congestion, so that a large number of ships and containers is difficult to complete the turnover in a timely manner, so the lack of boxes to a certain extent contributed to the increase in freight rates.

Then look at the demand side.

At present, global trade is stabilizing the development of countries on the rapid growth in demand for goods and maritime transportation capacity in stark contrast, but also led to the rise in freight rates.

The World Trade Organization (WTO) released on April 10, “Global Trade Prospects and Statistics” is expected to 2024 and 2025, the volume of global merchandise trade will gradually recover, the WTO expects global merchandise trade in 2024 will grow by 2.6%.


According to data from the General Administration of Customs, in the first quarter of 2024, China's total import and export value of trade in goods amounted to RMB 10.17 trillion, exceeding RMB 10 trillion for the first time in the same period in history, with a year-on-year increase of 5%, a growth rate of a record high in six quarters.

In recent years, the rapid development of new cross-border e-commerce business, the corresponding cross-border parcel transportation demand will increase, cross-border parcels crowded the capacity of traditional trade, shipping prices will naturally go up.


Customs data, China's cross-border e-commerce import and export of 577.6 billion yuan in the first quarter, an increase of 9.6%, far exceeding the total value of import and export of trade in goods during the same period of 5% growth.

In addition, the rising demand for replenishment of inventory is also one of the reasons for the rise in shipping 

Post time: Jun-03-2024