In December, spot freight rates were 264% higher for the Asia to North Europe route, compared with a year ago, according to Mirko Woitzik, risk intelligence solutions manager at supply chain risk firm Resilience36. For the route from Asia to the West Coast of the U.S., rates are up 145% year over year.

Compared with last March&rsquo s low prices, freight rates from China to the U.S. and Europe have surged 300%, Mark Yeager, chief executive officer of Redwood Logistics, told CNBC. He said spot rates are up to about $6,000 per container compared with the usual price of $1,200.

Even rates from the U.S. have gone up, though not quite as dramatically, according to Yeager.

&ldquo The reason for this is the Chinese are being so aggressive about trying to get empty containers back &hellip that it&rsquo s hard to get a container for US exporters,&rdquo he wrote in an email to CNBC, adding that 3 out of 4 containers from the U.S. to Asia are &ldquo going back empty.&rdquo

In fact, the shortage in Asia has also led to a similar crisis in many European countries, such as Germany, Austria and Hungary, as shipping carriers redirect containers to the East as quickly as possible, said Woitzik.

There are a few factors stemming from the pandemic driving this phenomenon.

First, China is sending out a lot more exports to the U.S. and Europe than the other way round. Its economy bounced back faster as the virus situation within its borders was basically under control by the second quarter of last year. As a result, containers are stuck in the West when they are really needed in Asia.
 

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