ASEAN Share of US-Bound Container Shipping Reaches 20%

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Total shipping volume originating in the ASEAN region increased in 2020, pushing its global share above the 20% mark for the first time, says an article on Nikkei Asia.

Increase in shipping

The figures show a notable increase in shipping from ASEAN, including Singapore and seven other countries. The volume reached 4.01 million units, based on the capacity of a standard 20-foot container. This figure marked a 16.1% increase from a year ago and exceeded the 4 million mark for the first time, with ASEAN’s share increasing 2.3 percentage points to 21.9%.

Shipping rates increased

Marine container shipping rates have increased across Asia. According to the Shanghai Shipping Exchange, the shipping rate for U.S.-bound freight from China was $4,008 per 40-foot container in early March. The figure, about triple year-ago levels, is among all-time highs.

Container shipping rates for freight originating in Southeast Asia are “also about triple the year-ago levels, just like the figures for China,” the shipping company source said. In particular, there’s a serious shortage of containers in Vietnam and Thailand.

As Americans continue to stay at home and manufacturers shift away from China, the growth of shipping from ASEAN seems likely to accelerate.

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Source: Nikkei Asia

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