Global News

Euro vs USD

Roland Foods’ item portfolio includes a vast assortment of products from Europe. Since the start of the pandemic, the Euro has appreciated 12% vs. the USD. With the potential passage of the Biden Administration’s Covid-19 $1.9 trillion stimulus package, along with other economic factors, the U.S. dollar could further weaken vs. the Euro in the coming months. Our team continues to monitor these currency dynamics and evaluate financial strategies to minimize impact on cost to our European imports.

Freight Rates

Spot ocean freight rates from Asia have been at record high levels due to an import surge that has continued into 2021. Despite carriers adding capacity with extra-loader vessels, the East Coast spot rate has continued to jump, and is now up 72.5% from last year, according to the Shanghai Containerized Freight Index.

Roland Foods has worked hard to soften the impact of the current market conditions by maintaining a strong matrix of contracted ocean freight rates with major carriers. These efforts have resulted in Roland Foods’ spend running >40% below the average East Coast spot rate during this period.

While we expect to face challenges due to shifts in freight rates and currency, we are committed to make every effort to ensure our customers experience a minimal effect. We appreciate your patience and understanding as we work through future uncertainties.