UNCTAD says container freight rates surged due to Suez Canal crisis
-The Suez Canal traffic suspension has triggered a new surge in container spot freight rates, UNCTAD said
-The agency says it will examine the unprecedented shortage of containers hampering trade’s recovery
-The new hike poses a challenge to world trade since shipping rates are a major component of trade costs
-Many businesses will not be able to handle higher rates and will pass them on to customers
-The pandemic-caused changes in consumption patterns have led to increased import demand
-The demand increase was stronger than expected and not met with a sufficient shipping capacity, UNCTAD said
Will prices continue to rise or this is only a temporary crisis?