Ocean Freight Rates Report – June 2021
Period : 5th June 2020 – 25th June 2021
Date : 3rd July 2021
Researcher : Marsella Ismail
Source : Freightos Baltic Index https://fbx.freightos.com/freight-index/
Global Average Rates of Ocean Freight
The global average rate keeps increasing with latest index of $6,217 per FEU at the end of June 2021. The notable movers are the route China/East Asia to North America East Coast and West Coast which went up 32% and 24% respectively from the start to end of June. Besides that, the route North Europe to North America East Coast also shows a spike.
East Asia Region
The rates from both of these routes, China/East Asia to North America East and West Coast, went up high due to the coronavirus outbreak that happened in the Yantian Port of China, which caused the port to operate on a limited capacity.
This is said to be worse than the blocked Suez Canal incident that happened in March as the number of containers affected is greater.
North Europe Region
The route North Europe to North America East Coast shows an increasing rate in June. It is expected to rise as there has been a bottleneck congestion in the North European ports which causes ongoing delays for importers and exporters. Due to the delays, it is unpredictable when it will ease.