Statistics from Vietnam Maritime Administration show that recently global container shipping fees have increased by 12%, while costs on routes from Asia to Europe have risen by 14%. Also, there are fears that in the coming time, the lack of empty containers could push up sea freight rates to the records set during the COVID-19 pandemic.
Container prices have increased due to the following reasons:
1. Limited supply of container ships because ships have to reroute around the Red Sea area due to Houthi attacks
2. Owing to peak season of international market, there is a shortage of empty containers.
3. Chinese market is in need of a large amount of containers to serve exporting goods to the US before the US imposed strong tariffs on many Chinese goods from August.
According to the Vietnam Ship Agents, Brokers and Maritime Services Providers Association (Visaba), previously, shipping lines normally quoted container freight rates for a period of 15-30 days but now they only quote for a week. Rates tend to increase rapidly and even change within a day.
Faced with fluctuations in the shipping market, Vietnam Maritime Administration (Vinamarine ) has asked supervision to be enhanced on the collection of port services charges and surcharges in addition to container shipping fees. Efforts also need to be enhanced to prevent congestion at ports, ensure the supply of empty containers. Continuous monitoring of ocean freight trends is necessary.