Container freight rates from Asia to Europe are going through the roof, mirroring the trend on the transpacific, with regulators seemingly unable to stop the relentless onslaught on shippers that threatens to sink business.
European and US importers outside or in excess of contract are seeing their freight budgets destroyed by unprecedented FAK and GRI hikes that many fear remain until at least Chinese New Year in February.
After a “shock and awe” advisory from Hapag-Lloyd last week that its FAK rates to North Europe and the Mediterranean would rise $2,000 per 40ft from 1 December, more massive rate hikes were unveiled today. Read more…..
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Economist and Chicago Booth School of Business Professor Austan Goolsbee weighs in on the stock market sell off, the need for stimulus, and the economy with Yahoo Finance’s.