Ocean shipping rates are expected to stay elevated well into 2022, setting up another year of booming profits for global cargo carriers — and leaving smaller companies, and their customers from Spain to Sri Lanka, paying more for just about everything.
The spot rate for a 40-foot container to the U.S. from Asia topped $20,000 last year, including surcharges and premiums — up from less than $2,000 a few years ago — and was recently hovering near $14,000.
What’s more, tight container capacity and port congestion mean that longer-term rates set in contracts between carriers and shippers are running an estimated 200% higher than a year ago, signaling elevated prices for the foreseeable future.