According to an article posted by Reuters on Tuesday, shipping containers prices are at the highest levels since October 2015, which can be considered as a clear signal of international trade growth.
Shipping rates have increased by a 40% this year with 439 points, according to the Harpex Shipping weekly index.
Among the possible causes for this rebound are an overcapacity cut, Hanjin shipping’s recent bankruptcy and the recovery of international trade, which have caused a shipping containers shortage.
“The market seems tight… (and) we are urging liners to release more box,” said Willy Lin, chairman of the Hong Kong Shippers’ Council, which represents manufacturers and cargo owners.
On the other hand, Asian economies –China, Japan, and India- are rapidly growing as well on this first season of the year. The average export volumes on East Asia (Japan, South Korea, Taiwan and Singapour) increased about 5% in comparison to February 2016, Capital Economics said in a report.
In this sense, Rene Pedersen, Asia/Pacific representative in Singapore for the giant Danish carrier AP Moeller-Maersk, said his company expected global container demand this year will rise between 2 percent to 4 percent, compared with just 1.5 percent to 2 percent growth in 2016.
“Economies in Europe and the U.S are (also) picking up,” Maersk’s Pedersen said.