Bulk shipping rates are way down but getting past the pandemic is likely key to fixing the shipping container mess, says a provincial crops market analyst.
“Relief in container shipping rates should occur within months following a decline in COVID-19 cases and easing of restrictions, as consumers turn more of their attention to out-of-home spending such as restaurant dining and travel,” said Neil Blue.
Consumer spending, fuelled by massive government support, has surged and been focused mostly on goods.
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“Ports have been overwhelmed by the increase in container shipping,” said Blue.
However, the Baltic Dry Index (which tracks bulk commodity shipping rates) fell from 5600 in October to under 1400 in late January before rising modestly this month.
