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Asian Container Imports Increase $500 to $700
In June, ocean carriers implemented a general rate increase on container freight moving from Asia to North America.
The increase adds $500 to $700 per 40-foot container.
Inbound vessels are currently moving at full capacity, giving steamship lines the pricing power to raise rates.
Steamship lines anticipate even higher import volumes as the United States opens back up after COVID-19 shutdowns.
Carriers expect large importers, such as Walmart, Target and Home Depot, will increase imports in July and August, creating an early peak season rush to replenish inventory.
Carriers have pulled or blanked a record number of vessels out of the system the first half of the year reducing space to maintain higher spot market rates.
Carriers feel justified in increasing rates because of the high demand for space.