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SE Asia is currently facing a shipping crisis due to a container shortage, which has driven freight rates to record highs. The container shortage has been exacerbated by a reduction in global container production and an increase in demand for container shipping.
This has led to a surge in freight rates, with Eastbound container freight rates doubling and China-US rates increasing by 223%. The shipping industry is struggling to cope with the shortage of containers, resulting in shipping delays and higher costs for exporters. The situation is expected to continue for several months, with port congestion and disruptions in the Red Sea and Panama Canal further exacerbating the issue[1][2][3][4][5].
Citations:
[1] https://www.bigmint.co/insights/detail/se-asia-faces-shipping-crisis-as-container-shortage-drives-freight-rates-to-record-highs-549267
[2] https://www.mysteel.net/news/5055499-se-asia-faces-shipping-crisis-as-container-shortage-drives-freight-rates-to-record-high
[3] https://www.smartteh.eu/en/blogs/container-crisis
[4] https://www.beefcentral.com/trade/shipping-rates-rise-sharply-in-response-to-red-sea-crisis/
[5] https://www.channelnewsasia.com/singapore/shipping-delays-freight-rates-containers-ports-asia-singapore-congestion-e-commerce-4371021
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