Long-term contracted ocean freight rates are continuing their dizzying ascent, with a 4.1% climb in April leaving container shipping costs up 21.1% year-on-year, with a rise of 23.5% since December 2020. According to the latest market intelligence from Xeneta’s XSI® Public Indices report for the long-term contract market, prices escalated across all major global trade corridors in April, with no immediate relief for shippers in sight. On the contrary, the fallout from Ever Given’s Suez Canal...