June 28, 2021 – Record high ocean freight spot rates ex-Asia have seen a further major hike this week, including rises of nearly 40% this week to the U.S., as a month of port restrictions and congestion at Yantian and other south China ports worsen container shipping’s already severe global capacity and equipment shortages. And with reports of actual market rates of more than $20,000 per FEU, some are questioning the value of pricing indices in the current highly disrupted market – especially those based on carriers’ published rates that are largely unavailable to most shippers. Although current massively elevated rates include a premium fee to guarantee equipment and space, some shippers complain that their cargo is still getting rolled. And as the peak season approaches, it appears the situation is about to get even worse for shippers to Europe and the U.S. and Canada. They will need to brace themselves for another round of FAK and GRI rate hikes on July 1, with yet another hike likely from the middle of the month and a peak season surcharge of several thousand dollars.