SPOT rates from Asia to North America have soared in recent days amid the fast-deteriorating security situation in the Red Sea, reports New York's Journal of Commerce.
Jon Monroe, who serves as an adviser to non-vessel-operating common carriers (NVOs), said spot rates coming out of China have spiked as high as US$2,600 per FEU to the US west coast and $3,600 per FEU to the east coast.
Spot rate indexes have not had time to catch up with the rapid price escalation. Platts listed the rates at $1,816 per FEU to the west coast and $2,900 per FEU to the east coast as of December 20.
Spot rates had already begun to climb following general rate increases on December 1 and December 15, said Rachel Shames, vice president at forwarder CVI International.
Ms Shames said she was seeing rates of $2,000 per FEU to the west coast and between $3,000 and $3,100 to the east coast after the rate increases and expects another hike January 1.
Source: shippingazette