SpeedPAK adjusts freight rates to the US and Australia; logistics issues may improve during the Spring Festival

On January 29, eBay China's official website released a "Notice on the Adjustment of SpeedPAK's Freight Rates to the United States and Australia". The announcement stated that starting from February 1, 2021 Beijing time, SpeedPAK will adjust the freight rates of standard (including charged) services to the United States and standard (including charged)/economy services to Australia shipped from mainland China and Hong Kong.  

Compared with the "Notice on Adjustment of SpeedPAK US-bound Freight Rates" released on eBay China's official website on January 12, the US-bound freight rates have dropped slightly, but are still hovering at a high level. On the one hand, this is because the continuous increase in online shopping volume during the epidemic has kept the cost of cross-border logistics at a high level. On the other hand, it is also because the global logistics supply chain is still slowly recovering.

Just today, news broke that container volumes in the Asia-US Trans-Pacific trade have reached capacity, and massive port congestion at the ports of Los Angeles and Long Beach is forcing carriers to take extreme measures. With the number of arriving container ships increasing by the day, the backlog at Southern California ports has reached a record high of 67 ships. This is the first time in 17 years that ships have been anchored outside the San Pedro Bay anchorage, and congestion is expected to continue until at least mid-to-late February.

According to Southern California Maritime Information on January 31, all anchorages in Los Angeles/Long Beach and all emergency anchorages near Huntington are full. There are 67 container ships in the port area, setting a new record. More than 10 containers are about to arrive from January 1 to January 2. The average waiting time for berthing has already exceeded 7 days.

Not only that, the on-time rate of global shipping has dropped to about 50%, far below the normal level of 70%-80%. Importers who transport goods from China via Los Angeles said: "The normal transportation time of 28 days has now increased by 60 days. The containers shipped in November last year have not yet arrived at their final destination." Therefore, American consumers should see an increasing shortage of goods on the shelves in the coming period, which will once again stimulate import demand in 2021.

While major container ports across the United States have seen some degree of congestion, Southern California ports have seen the most severe congestion as Asian imports arrive. Many people believe that the situation will be resolved before the Lunar New Year, as China's manufacturing and shipments usually decline during and after the Spring Festival holiday. Many shipping companies hope to use this intermission to reduce backlogs, so the upcoming Spring Festival may be a turning point.

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