Shipping rates hit high

Shipping freight rates accross the Pacific are at an all-time high.

Prices in container shipping services have increased by more than 180% during the past twelve months, and prices are higher than at any time in the last five years.  Average rates from Hong Kong to Los Angeles have reached US 2607 per 40 ft container, but the trade suffered from serious over capacity and price discounting last year. There are a number of different reasons for the increased prices – lack of eastbound capacity, peak season surcharges and shortage of containers.  Ironically, containers in China last year were in such over-supply that it was becoming difficult to store them.