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Shipping costs from China to Europe soar amid container shortage
The cost of shipping goods from China to Europe has increased by up to 700 percent in recent weeks as the balance of trade routes is disrupted by the pandemic, resulting in a shortage of shipping containers.
At the beginning of 2020, it cost around $2,000 to ship a container from China to Europe. Now, some companies are being quoted up to $14,000.
“I’ve been trying to look through 30 years of data and we have never seen freight rates skyrocket to this point that we have seen now,” said Lars Jensen, CEO of shipping consultancy SeaIntelligence Consulting.