Transport Topics (Nov. 17, 2021)
Ocean freight rates, which have pummeled retailers and manufacturers throughout 2021, may take more than two years to return to normal levels, according to an analysis from Sea-Intelligence, a Copenhagen-based maritime data and advisory company. Applying the 0.9% drop seen during the global financial crisis of 2008, Sea-Intelligence CEO Alan Murphy said, “It would take 18 months to get back to ‘normal.’” According to Murphy, if you look back the last two decades, the average recovery time could mean rates wouldn’t be normalized for 26 months. Transpacific rates, where demand is the strongest, are sitting almost 300% higher than a year ago.