Container Trade Accelerates as Rates Continue to Climb
Despite the Container market taking a significant hit from the impacts of Covid-19, rates have bounced back with a vengeance reaching extraordinary record highs of 54,000 USD/day in April. An impressive 350% increase since June 2020. Olivia Watkins, Head Cargo Analyst, delves into the effect on cargo miles, increasing speeds and the forecast for the market as demand continues to grow.
“Container speeds and container rates have both been following the same upward trajectory since mid-2020. Container speeds across all types have jumped 5.5% since June 2020, from 13.99 knots to 14.76 knots, with some of the larger types increasing by more. Post Panamax average speeds between June 2020 and April 2021 have increased significantly by 8.5%. Across the same time period, Post Panamax rates have risen by 350%, from $12,000 per day in June 2020, to now currently reaching $54,000 per day in April 2021…”
Read the full article here.