Diageo, P&G face rising shipping rates for Europe-Mexico routes

Cons. Discr. - Autos 1074 Consumer Staples 707 Corp - Shipping 904 European Union 741 Mexico 815 Mode - Containerized 1382 Mode - Seaborne 1719 Theme - Rates 213

The ongoing surge in container shipping rates is not just a Transpacific phenomenon with Hapag-Lloyd and CMA CGM raising their rates on Europe-to-Latin America lanes by 9% and around a quarter respectively. That’s likely linked to specific port issues given shipments from Europe to Mexico only rose by 4.7% year over year in April, leaving them 3.1% below the same period of 2019. The growth has largely been driven by consumer products with shipments into Mexico from Europe linked to Diageo and Procter & Gamble having increased by 175.6% and 115.9% year over year and at triple-digit rates ...

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