China-US West Coast freight rates (FBX01 Daily)rose 14% since last week to $2464/FEU. Rates are 76% higher than rates in 2019 at this time, according to data from Freightos.
China-US East Coast prices (FBX03 Daily) climbed 10% since last week, reaching $3054/FEU, and are 22% above rates for this week last year.
Demand continues to rise as retail in North America and Europe reopens. However, retailers are still being very careful about placing orders with tremendous uncertainty in the market.
At the same time, cancelled sailings and a cut back in flights has reduced the amount of cargo space.
