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UNCTAD says container freight rates surged due to Suez Canal crisis

Container Freight Rates
Business News Report

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

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