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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. ....
Freight rates jump up to 700% The transportation cost of containerised cargo across the world, including Pakistan, has increased by up to 700% due to an abnormal growth in imports following the reopening of global economies from partial lockdown amid the Covid-19 pandemic. The surge in international freight charges for sea, rail and air routes has offset the positive impact of incentives provided by the government for some imports during the pandemic and may lead to imported inflation in the country. To control the situation, the government may ask international shipping companies to rationalise freight charges during these testing times. Some experts believe freight charges may go back to pre-Covid levels in four to six months. “International freight charges have surged by up to 500-700% over the past couple of months,” said Pakistan International Freight Forwarders Association former chairman Malik Moin while talking to The Express Tribune. ....
Freight rates jump up to 700% Rise comes on back of growth in imports due to reopening of global economies Number of top international shipping firms has gone down to 3-4 only as many companies have either been acquired by others or merged to survive during crisis. PHOTO: FILE KARACHI: The transportation cost of containerised cargo across the world, including Pakistan, has increased by up to 700% due to an abnormal growth in imports following the reopening of global economies from partial lockdown amid the Covid-19 pandemic. The surge in international freight charges for sea, rail and air routes has offset the positive impact of incentives provided by the government for some imports during the pandemic and may lead to imported inflation in the country. ....