Container shipping to and from the Far East has been under considerable pressure since the second quarter of 2024. Container shortages in Asia, sharply rising freight rates and longer transit times have created major challenges for importers. While imports face significant bottlenecks, the export market presents a completely different picture.

We spoke with Melanie Esche, Head of Ocean Freight at Speedlog, about the causes and consequences of the challenging market conditions.

Why Is the Ocean Freight Market Under So Much Pressure?

Speedlog: Ms Esche, what has caused the difficult situation in container shipping over recent months?

Melanie Esche: “The situation has never really returned to normal since the coronavirus pandemic. This year, the main problem has been the extreme imbalance in container availability.

While Asia is experiencing severe shortages of containers and shipping capacity, Europe has large quantities of empty containers and available cargo space.”

Ocean Freight Imports: Higher Costs and Longer Transit Times

Speedlog: What does this mean for imports from the Far East?

Melanie Esche: “In short: sharply rising freight rates and long transit times.

Although comparatively low freight rates are sometimes still offered, departures at these rates are often only available after two to three months, if at all.

One example: In June, we booked a container from Shanghai to Hamburg that was not loaded until early August. An additional rate surcharge of more than 50% was also applied.

Anyone requiring shipment within two to three weeks has to pay substantial surcharges. Import freight rates have, in some cases, even tripled. The situation is strongly reminiscent of the pandemic.”

Additional Delays Caused by Rerouting and Customs Clearance

Beyond container shortages, other factors contributed to longer transport times.

Due to the situation in the Middle East at the time, some shipping lines avoided the Suez Canal and instead took the considerably longer route around Africa.

Bottlenecks at import customs offices caused further delays. According to Melanie Esche, customs clearance taking seven days was not unusual.

Ocean Freight Exports: Overflowing Container Depots and Low Rates

Speedlog: How does the situation compare for exports to the Far East?

Melanie Esche: “The situation is exactly the opposite. Container depots in Europe are overflowing with empty containers. Some vessels even sail back to the Far East carrying only empty containers.

Freight rates from the Northern European ports to China are at extremely low levels. In individual cases, negative freight rates are even being offered.”

A Market Characterised by Significant Imbalances

The 2024 market assessment highlights how differently imports and exports can develop within international ocean freight.

While importers faced rising costs, limited capacity and longer transit times, container surpluses and low freight rates shaped the export market.

The report illustrates the importance of container availability, vessel capacity and reliable transport connections for international trade.