Cargo surge and port congestion send Far East–Middle East rates climbing

Freight rates from Asia to Gulf economies trapped behind the straits of Hormuz hit unprecedented highs during this year’s peak season as importers rushed to get cargo into the region, prompting another wave of port congestion.

According to new data from Container Trades Statistics (CTS), prices on its Far East-Middle East & Indian subcontinent corridor showed the highest growth in freight rates of any major lane in container shipping so far this year.

“It’ll be no surprise that the big price index increase is Asia to India and the Middle East, where the index is up 250% since the beginning of the year and 25% month-on-month – so September’s seen a resurgence of the price there and we’re seeing some very strong prices,” CTS chief executive Nigel Pusey tells The Loadstar’s podcast today.

The last pricing data came after volumes on the route rebounded during September for the first time since the onset of conflict in the region.

This story was originally published by The Loadstar. Read the full story at The Loadstar →