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CBN: China-US Ocean Shipping Prices Soared Five Times

China Business Network (CBN) recently reported that, while in the peak season, China-US ocean shipping prices returned to more than US$20,000/FEU (a 40-foot standard container). At the same time, shipping giants like CMA CGM announced the freezing of freight rates. The global container freight index published jointly by the Baltic Exchange and Freightos showed, as of September 12, that the shipping prices of China/Southeast Asia – West Coast of North America and China/Southeast Asia – East Coast of North America continued to rise. Both exceeded the US$20,000 mark, which reflects a 500 percent increase, year-over-year. The shipping companies may not raise their price now, yet the possibility of a downward adjustment is also unlikely. Recent sales data showed that home furnishings and home audio-visual products are very popular in the US market. This translates into the risk that shipping prices may continue to rise during the fourth quarter. The freight price freeze does not necessarily include the additional surcharges, which has become a major burden for importers and exporters.

Source: CBN, September 12, 2021