Maritime congestion drives inflation
Delays and congestion on the world's oceans are on the rise again: One in twelve containers worldwide is stuck in a traffic jam.
Commerzbank Economic Research
June 27 2024
Disruptions are emerging again on the world's oceans. After maritime transport recovered last year from the massive congestion and extreme freight rates of the pandemic years, transportation costs are now rising again. This is particularly evident in the freight rates per container on the route from China to Europe. Freight rates initially rose last December when the attacks by the Houthi rebels in the Red Sea forced shipping companies to circumnafivagate Africa. Freight rates have now been rising again for two months. The so-called spot rates, the costs for short-term auctioned transport slots on container ships, are now around USD 7,000; before the pandemic, freight rates had fluctuated between USD 1,000 and USD 2,000.
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