Newsflash - Fracht Australia latest regarding Coronavirus (COVID-19)23/3/2020
COVID-19 Industry Update
With the present ever evolving situation, below please find current updates for our industry.
The current issues around ocean freight are caused mainly due to shortage of space and equipment imbalances (lack of empty containers at origin). This seems to be manageable at the moment, as bookings can be secured without experiencing massive delays. Everyone is encouraged to book as early as possible in order to secure equipment as well as space.
Shipping lines continue with blank sailings, which means capacity remains relatively tight.
Freight rates have increased considerably, with Peak Season Surcharges being introduced towards the middle of March, and rates being increased again at the beginning of April. Further rate increases have been announced to take effect mid-April.
China’s economy is starting to ramp up again, which is certainly a positive outlook.
Due to the travel restrictions which have been imposed, airlines have cancelled the majority of passenger flights, which leaves a huge shortage of space availability. Airfreight is restricted to pure freighter aircrafts, capacities of which are nowhere near enough to cope with the global airfreight volumes.
We have been informed that the situation is chaotic, with space an absolute premium, and airfreight rates being revised nearly hourly. We do expect airfreight rates to double and triple in the coming days / weeks.
Please contact one of our friendly Fracht Team members at email@example.com to put in place tailor made solutions for your requirements.