Supply Chain Research

Container shipping rates for Europe-to-North America routes surged 25% in the week to April 12 to reach a record high of $3,000 per FEU. Disruptions linked to the Suez Canal blockage as well as elevated demand are major drivers. U.S. seaborne imports from European ports have not grown significantly with growth of just 1.1% year over year in March, led by a 13.8% increase in shipments to Norfolk, Va. The container shipping rate spike may not have a sustained impact on the largest importers who sign annual contracts, though rate negotiations for the coming year are ongoing currently. Rapid...