As said on Scan Global Logistics there is a current ocean freight crisis, where a severe capacity crunch has driven freight rates to alarming levels, comparable to those seen during the COVID-19 pandemic. This crisis is largely due to high demand and shipping bottlenecks in key regions like the Red Sea, leading to further imbalances in global supply chains. Shipping companies, like Hapag-Lloyd, have responded by imposing General Rate Increases (GRIs) and surcharges, while also cutting long-term rate allocations.
Despite these measures, there is no immediate solution in sight. The congestion continues to disrupt ocean freight operations, impacting both sea and air cargo. As businesses scramble to adapt, rates are soaring, and carriers are finding it difficult to meet demands, further complicating global trade logistics. Industry leaders, though cautious, view the situation as temporary, yet without any clear resolution timeline.
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