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Freight rates surge on Chinese demand for containers
Business
May 11, 2021
KARACHI: As the Chinese demand for containers ramps up, there is a sharp surge in freight rates to hurt profitability of Pakistani exporters, it was learnt on Monday.
All Pakistan Shipping Association (APSA) Chairman Asim Siddiqui said the freight rates for containers shot up by around 300 percent, and this is the case in the entire region.
“China is the only country in the world posting high growth and their demand for containers to export Europe and America has increased. Moreover, the Chinese exporters are willing to pay higher rates, so the shipping companies are deploying their resources to China,” Siddiqui said.