Container Rate Surge Trending Higher and Longer: HSBC

HSBC Global Research reports that container spot rates continue to trend higher and are tracking its ‘bull-case scenario’ for the sector, helped by the ongoing supply chain congestion and robust consumption demand.

The SCFI (Shanghai Export Container Freight Index) has risen for 18 consecutive weeks and is up 30% q-o-q. Despite recent announcements by Hapag Lloyd and CMA CGM to halt spot freight rate increases until February 2022, HSBC cautions that due to congestion amid the peak season, freight rates could remain at elevated levels.