Recently, the global shipping industry has again experienced soaring freight rates, port congestion and shortage of empty containers.

    At present, the level of global port congestion has reached a new high in a year and a half, and the congestion level of Singapore container port is particularly serious, which has reached the highest since the new coronavirus outbreak, and other Asian and European ports have also recently experienced congestion.

    This shows that the impact of the Red Sea crisis on global shipping is gradually deepening, while tariff threats, port strikes and other factors have further aggravated the global shipping crisis. For consumers, all of these shocks may eventually feed through to the consumer side, leading to even higher price pressures.

    Linerlytica, a maritime data company, said yesterday that congestion at ports around the world had reached its highest level in 18 months, and was particularly bad at ports in Asia, where 60 per cent of ships berth.

    As of mid-June, a large number of ships were still waiting at the anchorage, and the total capacity of these ships had already exceeded 2.4 million twenty-foot equivalent units (TEUs).

    The port of Singapore is perhaps the most notable of these congested ports. Singapore is the world's second largest container port. The port has experienced particularly severe congestion in recent weeks.

    In general, container ships berth at the port for no more than one day. But at the end of May this year, the Maritime and Port Authority of Singapore (MPA) revealed that the average waiting time for container ships to berth at the port had reached two to three days. Container tracking companies Linerlytica and PortCast said that container ships could have been delayed for up to a week.

    Because Singapore's port is too congested, neighboring Asian ports are also seeing greater traffic. Linerlytica said cargo pressure had shifted to Port Klang and Tanjong Palapas, Malaysia's largest ports. Meanwhile, waiting times at Chinese ports are also climbing, with Shanghai and Qingdao experiencing the longest delays.

    The Maritime Authority of Singapore said port operator PSA has reopened older berths and piers at Keppel Terminal and will open more berths at Tuas Port to address the issue of longer waiting times

    Port congestion has affected shipping companies' shipping plans. Maersk, the world's second-largest container shipping line, said this month it would cancel two westbound flights from China and South Korea in early July because of severe congestion at Asian and Mediterranean ports.

    Unlike during the coronavirus pandemic, the Red Sea crisis, rather than a buying spree by stay-at-home consumers, is causing port congestion this time. The port of Singapore is the main victim.

    Sporadic attacks by Yemen's Houthis in the Red Sea since November are forcing shippers to abandon the Suez Canal and bypass the Cape of Good Hope at the southern tip of Africa. That means they have fewer opportunities to refuel or unload at ports in the Middle East.

    As a result, many ships are choosing to unload more cargo at a time at large transit hubs like Singapore, which has led to increasing maritime traffic congestion in the waters around Singapore.

    Jayendu Krishna, vice-president of Drewry Maritime Advisors, a Singapore-based consultancy, said: "[shippers] are trying to control the situation by dropping boxes at transshipment centres. Liner companies have been piling up containers in Singapore and other hubs."

    Drury data shows that the average volume of landings at Singapore's port increased by 22 per cent between January and May this year, seriously affecting the port's productivity.

    In addition to the Red Sea crisis disrupting the accident, shippers and research firms say this year's peak shipping season has also arrived earlier than expected, exacerbating port congestion.

    Niki Frank, chief executive of DHL Global Freight Asia Pacific, said the early shipping season this year appeared to be due to earlier restocking activity, particularly in the US, and customers bringing forward shipments in anticipation of stronger demand.

    Dimerco, an Asia-focused freight forwarder, said ocean freight rates had stabilised heading into April, but in May there was a "significant increase in Chinese ocean freight exports of e-commerce, electric vehicles and renewable energy-related goods", "bringing forward the peak season, which usually starts in June, by a full month, causing ocean freight rates to spike."

    According to data provider Descartes, container imports at the 10 largest U.S. seaports rose 12 percent in May, the second-highest monthly volume since January 2023. "Consumer spending continues to be higher than last year and retailers are also building inventory to meet demand," said Jonathan Gold, vice president of the National Retail Federation.

    Executives at Freightos, a freight platform, said seaborne import data from Asia to Europe also showed signs of restocking activity entering peak season, which pushed freight rates to a high for 2024.

    Container freight rates from Asia to the United States and Europe have tripled since the start of 2024. Freight platform Xeneta said that freight rates from Asia or Singapore to the East Coast of the United States have reached their highest level since September 2022, while freight rates to the West Coast of the United States are the highest since August 2022.

    Some in the industry believe that part of the reason for the congestion in Asian ports may be the new tariff regulations in the United States.

    On May 22, local time, last month, the Office of the United States Trade Representative announced that the United States will maintain the "Section 301" tariffs imposed on China during the Trump administration, and significantly increase tariffs on China's "targeted strategic products." The measures will take effect on August 1 this year.

    Industry insiders believe that under the impact of the new tariff rules, US importers may rush to buy Chinese steel and medical products and other goods.

    On the other hand, the European Union is also recently negotiating with China on electric vehicle tariffs, further aggravating the concerns of international traders.

    In addition, the threat of a port strike is adding to the current congestion.

    The news agency has previously reported that there may be a strike at ports on the US East Coast and Gulf Coast later this year. In addition, there have been strikes at ports in Germany and France in recent days.

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