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Container Shipping: Record Delays, Record Profits
As ports and hinterland transport struggle to keep up, delays at ports are soaking up capacity leading to frustration on the shippers’ side and leaving carriers struggling to keep up all the while making record profits, shipping organization BIMCO reports.Drivers of demand and freight ratesThe container shipping market has frequently appeared in the headlines over the summer as freight rates and port congestion levels continue to reach record highs.
Strong Market Continues
In 2000, VLCCs obtained $53,000 per day, up from less than $20,000 in 1999. Old VLCCs reached $33,000 per day compared with only $11,000 in 1999. The freight market…