Lack of cabins and containers. Freight rates have skyrocketed to tens of thousands of yuan. Some routes have space reservations scheduled until mid-June.

Freight rates on many shipping routes have risen, and some routes are "hard to get a cabin" and bookings are scheduled until mid-June.

Yiwu Port staff said that the rise in shipping prices caught some traders off guard and had to delay shipments, resulting in a serious backlog of goods. Zeng Xibao, manager of Zhejiang Jindun Logistics Co., Ltd.: It started in early April, and the warehouse is now a bit overwhelmed. Customers may adjust some shipping plans based on freight rates. If the freight rates are too high, they may be postponed or delayed. The continued rise in shipping costs has brought challenges to the export of small and medium-sized foreign trade enterprises. Wu Xiaoming, head of Yiwu Aokai Sports Goods Co., Ltd.: Some of the goods produced, such as those shipped on the 10th, but no containers can be obtained on the 10th, may be delayed for ten days, a week, or even half a month. The backlog cost is about one or two million yuan this year. Today, the shortage of containers and insufficient capacity are still intensifying. Many foreign trade customers have booked cabins directly until mid-June, and some routes are "hard to get a cabin." Zhang Qi, a business person from Zhejiang Xiecheng International Freight Forwarding Co., Ltd.: Almost every ship has reserved at least 30 high-cube containers, but now it is difficult to find a cabin. I have reserved so many cabins, but now it is not enough.

It is understood that many shipping companies have issued price increase letters and raised the rates of major routes. Now, the freight rates of routes from Asia to some regions of Latin America have soared from more than US$2,000 per 40-foot container to US$9,000 to US$10,000, and the freight rates of routes such as Europe and North America have almost doubled. Wu Xintong, an industry researcher at Ningbo Shipping Exchange: Our latest index on May 10, 2024 closed at 1812.8 points, up 13.3% month-on-month. Its rise started around mid-April. The index has risen significantly in the past three weeks, all exceeding 10%.

Comprehensive factors cause the rise in sea freight rates 

In the traditional foreign trade off-season, sea freight rates continue to rise. What is the reason behind it? What impact will it have on my country's foreign trade exports?

Experts said that the increase in shipping freight rates reflects a certain degree of recovery in global foreign trade. In the first four months of this year, my country's import and export volume of goods trade increased by 5.7% year-on-year, and increased by 8% in April, exceeding market expectations.

Yuan Qian, associate researcher at the Institute of Foreign Economics, Chinese Academy of Macroeconomic Research: Since 2024, the marginal improvement in demand in Europe and the United States, and the good foreign trade situation in my country have provided basic support for the increase in shipping demand and shipping prices. At the same time, affected by the uncertainty of trade policies after the US election, coupled with the expectation of rising freight rates in the peak season, many buyers have also started to pre-stock, leading to a further increase in shipping demand.

From the supply side, the situation in the Red Sea is still one of the main factors affecting the trend of the container shipping market. The continued tension in the Red Sea has caused cargo ships to detour around the Cape of Good Hope, greatly increasing the route distance and sailing days, driving up shipping prices.