Higher consumption in China, US contributed to rate spike

Rising consumption before and after China’s Labour Day holiday, the Canadian railroad strike and concerns relating to the labour-management conflict at US ports are contributing to the ongoing spike in freight rates, according to a report released by Korea Ocean Business Corporation (KOBC).

The report stated that besides the oft-cited Red Sea crisis and the resulting shortage of vessels and containers, other factors have also accounted for the surge in freight rates.

“During the Labour Day...


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