Soaring shipping prices here for rest of year

Container shipping prices are rocketing due to ongoing global supply chain bottlenecks, with little respite expected until 2020, reports The Wall Street Journal. Average price worldwide are more than four times higher than a year ago, according to Drewry Shipping Consultants, and up by 53.5% since the beginning of May. Routes from China to Europe and the US are facing the highest price hikes.

Brian Bourke, chief growth officer at Seko Logistics, said: “Global trade right now is the hottest restaurant in town. If you want to get a reservation, you need to plan it out two months in advance. Everyone’s trying to grab any spot they can and they’re all spoken for.”