Global containerized freight is up 17.5% YoY - I think this is due to increased demand for goods during lockdowns when people can’t spend on travel. This has resulted in a shortage in containers, under supply of shipping capacity and congestion at ports globally. The delays in unloading have a compounding impact on reduced supply.
Nobody I speak to knows when the price pressure will ease, but people think it will last at least all of 2022. Naresh (the largest shipping company globally) isn’t investing in more capacity, they are banning enormous profits though - forecast EBITDA of US $22 - 23 billion.
Locally we are dealing with Port strikes in all states, and a recent COVID case at Patrick’s port in Melbourne which doesn’t help.
Overall high sea freight costs will stick around for at least another year and the increased cost of oil hasn’t been fully factored into prices yet, all IMO.
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