Ocean Rates Continue to Climb; Space Remains Tight

October 6, 2020

Ocean rates have hit historically high levels and rates continue to climb. It is expected that rates will continue to climb through the next few months as demand is exceeding supply. Importers are also dealing with tight space on most vessels and the risk of longer than usual delays in getting cargo booked and on board for sailing to the U.S. Importers are urged to make their bookings as early as possible to help ensure that their cargo will move as planned.

The situation in many US ports is also causing delays in offloading vessels and making containers available to move from the port. The rail system is very full and delays are expected to most inland ports. Chassis shortages at ocean ports in the US are also adding to the “fun.” All in all it is a very challenging time for US importers and those challenges are expected to exist for the foreseeable future.

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