U.S. Supply Chain Managers Should Expect Higher Ocean Contract Rates in 2021, Says Drewry

[See the full article at Supply Chain Management Review]

Based on the Drewry Container Freight Rate Insight, a service that tracks and provides average spot container freight rates on 700+ lanes globally and analyses market trends, analysts say they can clearly see that 2020 spot rates have exceeded 2019 spot rates by a large margin since March. The Global Freight Rate Index, a weighted average of all-in spot rates on East-West, North-South and intra-regional international routes, reached $2,540/40ft container in September, a 43% increase from September 2019.