Following the recent rise in ocean freight demand from Asia, rates have inevitably been continuing to rise over the past week or two and may be set to continue in the short term.
While carriers start to reintroduce vessels to their schedules to cover the spike in volumes, many UK and European importers are currently witnessing some short shipments and rollovers.
As capacity starts to be reintroduced back into the market, expectations are that rates may level off again in the next few weeks. However, it is unclear how quickly global economies will recover so we will be monitoring rate movements closely.
We have all become accustomed to the ebbs and flows between high demand and high capacity over recent years. We've witnessed mergers, acquisitions, government bailouts and bankruptcy, as carriers seek to get the balance right.
The impact of the coronavirus may well add another layer of uncertainty, but as far as rate movements go, most of us will be used to managing, and reacting to, the ongoing balance between supply and demand from Asia.
Therefore, we will continue to keep you updating on developments. If you have any concerns regarding pricing in the short term, then please get in touch with your Westbound contact.
At Westbound Logistics we pride ourselves in offering personalised and tailored logistics solutions. To find out more please call 01375 800800 or email firstname.lastname@example.org.