Posted on January 8, 2024

A major world shipping company has paused all transits through the region ‘for the foreseeable future’ and ocean freight shipping rates continue to increase. Data shows ocean freight shipping rates between the Far East and North Europe have increased 124 per cent since the crisis escalated in mid-December 2023.

The situation is expected to get worse before it gets better. Shippers will be urgently looking to secure capacity with freight forwarders and carriers.

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