The price of passing ships through the Bosphorus and Dardanelles has increased 7 times in 2 years. The Suez Canal has also become more expensive - by 5-15% depending on the type of vessel, according to a statement by the transport group Fesco after a session at the Eastern Economic Forum with the participation of the group's CEO Petar Ivanov.
„Against the backdrop of rising costs, interest in the Trans-Arctic Transport Corridor will only grow. It is faster and safer“, the statement says.
At the same time, it is noted that freight rates are decreasing. Thus, the cost of transporting one 20-foot container (1 TEU) on the Shanghai-Vladivostok route fell from 9,000 USD in 2021 to 1,500-1,700 USD. Fesco cites cooling demand and excess fleet tonnage as the reasons for this. In addition, by 2028, ships with a total capacity of almost 10 million TEU are planned to be put into operation, which is expected to continue to put pressure on rates.
The group also added that the container market is not stable. “Logistics companies and investors should have 2-3 strategies with the ability to quickly restructure.“ “Fesco hedges risks by developing both deep-sea routes and rail transport, investing in wagons, ships and terminals“, the statement said.
The 10th Eastern Economic Forum is being held in Vladivostok from September 3 to 6. The main theme of the EEF is “The Far East: Cooperation for Peace and Prosperity“. The EEF is organized by the “Roscongress” Foundation.