Ocean freight spot rates from Asia continue to stay at record high levels as import demands remain historically steep. Recently, importers have seen capacity disruptions due to heavy congestion across the entire Trans-Pacific network, as carriers have hit their max-capacity ceiling and can no longer bear the full load.
According to the Freightos Baltic Daily Index, the spot rate for Asia-East Coast has grown 200% from last year and Asia-West Coast by 153%. The dislocation in the market has continued even in the last quarter with both the Asia-East coast rates and Europe to East coast rates increasing over 60%.
Roland Foods, like so many other companies, is experiencing a rapidly changing environment. While we expect to face challenges due to shifts in freight rates, capacity, and equipment availability, we are working hard to soften the impact of the current market conditions. We have a deep network of ocean freight carriers and freight forwarders who work with us to avoid significant spot rates and allow us to identify market opportunities.