Shipping container freight rates soar

Shipping container freight rates soar

access_time2021-01-20 10:00:29

Container shipping rates have surged by an average of 50%. The sector representatives say that this trend began at the end of last year.

COSCO SHIPPING Lines chief financial officer names China's export volume increase as a  reason for a shortage of containers in the world.

"If three months ago the cost of shipping a container from China to Poti made $ 3 000, today the price has already increased to $ 10 thousand. In 2020, China’s export hit a historic record. As a result, the ships were overloaded that  caused the increase in tariffs, " Givi Chachanidze says.

According to Chachanidze, the cost of shipping containers is expected to decline from the end of February.


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