SEOUL/SINGAPORE — Congestion at Singapore's container port is at its worst since the Covid-19 pandemic, a sign of how prolonged vessel re-routing to avoid Red Sea attacks has disrupted global ocean shipping — with bottlenecks also appearing in other Asian and European ports.
Container ships are berthed at PSA's Pasir Panjang Terminal in Singapore July 15, 2019.SEOUL/SINGAPORE — Congestion at Singapore's container port is at its worst since the Covid-19 pandemic, a sign of how prolonged vessel re-routing to avoid Red Sea attacks has disrupted global ocean shipping — with bottlenecks also appearing in other Asian and European ports.
But, unlike during the pandemic, it is not a buying flurry by house-bound consumers that is swamping ports. " are trying to manage the situation by dropping the boxes at transhipment hubs," said Jayendu Krishna, deputy head of Singapore-based consultancy Drewry Maritime Advisors.Average Singapore cargo offload volume jumped 22 per cent between January and May, significantly impacting port productivity, Drewry said.Singapore, the world's second-largest container port, has seen particularly severe congestion in recent weeks.
Maersk, the world's second-largest container carrier, in June said it would skip two westbound sailings from China and South Korea in early July due to severe congestion in Asian and Mediterranean ports.The annual peak shipping season has also arrived earlier than expected, exacerbating port congestion, shippers and research firms said
Rates had stabilised into April but in May "there was a significant increase in ocean freight exports of Chinese e-commerce, electric vehicles, and renewable energy-related goods", Asia-focussed freight forwarder Dimerco said. Ocean imports into Europe from Asia are also showing signs of a re-stocking season running into peak season — pushing rates to 2024 highs, Dr Judah Levine of freight platform Freightos said.Rates from Asia and Singapore to the US East Coast are at their highest since September 2022, while rates into the US West Coast are the highest since August 2022, freight platform Xeneta said.
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