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Ocean freight rates set to spike as carriers ride out coronavirus storm

from The Loadstar

Ocean carriers are preparing to idle more ships in Asia as the ripples from the coronavirus outbreak in China hit production. But for ships that do sail, container spot rates are likely to spike dramatically, and remain high until the pent-up demand from frustrated orders is satisfied. In the last reading prior to the CNY shutdown, the Shanghai Containerized Freight Index (SCFI) recorded a spot rate of $969 per teu from Asia to North Europe and $1,179 per teu for Mediterranean ports. more

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