Hong Kong-based transport consultancy Transport Trackers says there has been a scramble to ship cargo out of China in the lead up to the Spring Festival. There has been a big increase in Asia/China outbound trade growth since the end of December, and in recent weeks conditions have approached pandemonium for exporters trying to get cargo out before the holidays begin.

Cargo owners have been forced to pay whatever rates are being asked. Transport Trackers quoted the example of the customer of a forwarder who balked at paying US$2,700 per FEU from Shanghai to the US west coast, while half that rate was more common a few months ago.