The Vietnamese shipping market is facing pressure from fluctuations.
ASEAN Headline News: As geopolitical tensions escalate, soaring fuel costs have disrupted global shipping, and container freight rates in Vietnam have begun to rise. The future may face further fluctuations.
According to the Vietnam News Agency, the tense situation in the Middle East has prevented some ships from passing through the Strait of Hormuz. Shipping companies were forced to take a detour through the Cape of Good Hope, resulting in longer transportation times and increased operating costs, which have driven up global freight rates.
Data from Drewry Shipping indicates that the world container index rose by 8% to $2,123 per 40-foot container compared to the previous week, mainly driven by the Asia-Europe and trans-Pacific routes. Major shipping companies such as MSC and CMA CGM have announced that they will raise freight rates starting from March 22.
Fuel prices have also risen simultaneously. Low-sulfur fuel oil has soared from $521 per ton to $822 per ton, and marine low-sulfur diesel has once reached $1,383 per ton.
The Vietnamese authorities stated that most international freight rates have not significantly adjusted yet, but the routes that take a detour through the Cape of Good Hope have begun to charge war risk surcharges. Major shipping companies have suspended freight services from Vietnam to the Middle East and no longer accept new bookings.
Vietnam's Haian Transportation raised freight rates starting from March 19, with an average increase of 1 million - 1.5 million Vietnamese dong per container. Vsico Maritime raised prices starting from March 25, with an average increase of over 17%, and some routes reached 25%. It has also started charging fuel surcharges since March 15.