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Container prices rise in Singapore as demand surges
The Straits Times
|June 14, 2024
Prices up 26% over past 8 months, amid shipping disruptions and port congestion
Rising demand and tighter supply sparked by shipping disruptions and port congestion have sent container prices here surging over the past eight months, according to new data.
Average container prices in Singapore rose 26 per cent from October 2023 to May, with a twenty-foot container now costing US$1,211 (S$1,634), up from US$950, noted a June 12 report by online container trading platform Container xChange.
This is also contributing to elevated container leasing rates on key routes, such as from China to the United States, which have doubled since November, and added to the higher freight rates shippers are already paying to move goods around the world.
Container xChange chief executive Christian Roeloffs said the higher prices are due to a shortage of containers in Singapore owing to factors such as vessels arriving unscheduled at key ports, disrupted global shipping schedules and a shortage of container handling capacity.
This story is from the June 14, 2024 edition of The Straits Times.
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