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Shipping container prices soar by 26% in Singapore

Recent data indicates significant impact of congestion on the average container prices and leasing rates at the port of Singapore. Average container prices in Singapore have surged by 26% from October 2023 to May 2024, reflecting a substantial increase in demand for capacity amid global congestion. Furthermore, container leasing rates on key routes, such as China to the US, have doubled since November, exacerbating the challenges faced by shippers Source: Container xChange

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