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Freightos data show transpac rates surged since Hanjin's collapse
EASTBOUND transpacific rates have rocked 50 per cent since Hanjin Shipping filed for bankruptcy last week, according to online freight rate marketplace Freightos, which examines 3.5 million internal data points on its platform related to boxes from Asia to the US.
Freightos anticipates that prices will continue to fluctuate over the next few weeks, adding that forwarders that provide rates on its platform have wasted no time in omitting Hanjin's rates from their online quoting available to shippers, reported American Shipper.
"Hanjin's bankruptcy doesn't solve the industry's rampant overcapacity problem," the company said. "There are still over one million empty containers slots available. However, it will take time for these to come into play. Rapidly changing freight prices are a reality, making instant access to market rates critical."
Freightos anticipates that prices will continue to fluctuate over the next few weeks, adding that forwarders that provide rates on its platform have wasted no time in omitting Hanjin's rates from their online quoting available to shippers, reported American Shipper.
"Hanjin's bankruptcy doesn't solve the industry's rampant overcapacity problem," the company said. "There are still over one million empty containers slots available. However, it will take time for these to come into play. Rapidly changing freight prices are a reality, making instant access to market rates critical."
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