One of the main causes of the increase in world prices for products, both food and other, is the extraordinary increase that has been recorded in the cost of sea freight.
Several international media outlets have reviewed the situation, which has been described as a crisis and has begun to raise concerns about the impact this could have on Christmas shopping.
This weekend the economist Haivanjoe Ng Cortiñas reviewed an article published in the Argentine media Infobae and noted that before the pandemic the cost of sea freight could increase prices by 15% to 20% and has now raised them up to 400%. The expert said sea freight moves up to 90% of world trade.
The president of the Dominican Shipowners Association (ANRD), Teddy Heinsen, predicts that the situation will not improve for the time being.
“The situation of freight will not improve until after the first or second quarter of next year (2022). I think that possibly freight will increase before the end of the year and (then) begin to stabilize but will not improve,” he explained Heinsen in Daily List.
historical highs
Recently experts from the Central Bank (BCRD) explained in an analysis that one of the causes of the rise in global inflation in recent months is the significant increase in the cost of freight and maritime insurance due to the shortage of containers.
Specialists noted that the costs of sea freight have skyrocketed and reached all-time highs.
Analysts noted that in global terms, it is estimated that rates will increase by 370% year-on-year, from US $ 1,715 in June 2020 to US $ 8,062 in the same month in 2021.
Experts report that the freight on the Shanghai-Los Angeles (United States) route rose from $ 2,646 to $ 8,548, an increase of 223%; and that of Shanghai in New York went from US $ 3,203 to US $ 11,180, an increase of 249%.
Prices continue to rise
By consulting the index of the research and consulting company for the maritime and shipping industry Drewry it was possible to verify that the prices of the containers continue to rise.
An assessment conducted on Thursday, September 2, 2021 revealed that the global composite index of containers increased 1.7% or US $ 170, reaching US $ 9,987.27 per 40-foot container. The consultant pointed out that this price is still 344% higher than a year ago.
The analysis details that rates in the Los Angeles to Shanghai county increased from $ 35 to $ 1,433 per FEU (Unit equivalent to forty feet). Similarly, fares from Shanghai to Rotterdam and from New York to Rotterdam grew by 2% each.
FIGURES
3.1%
Rising food price
In August, world food prices rose again after two consecutive months of decline. The FAO food price index stood at 3.1% higher than in July.