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Prices of perishable goods may rise as reefer container rates surge- Report
In a new setback for food buyers in this season of high freight rates, the cost of importing perishables is also expected to rise in the remainder of the year.
According to a new report by the maritime research and consulting firm Drewry, which is based on their Global Reefer Container Freight Rate Index, the average rates across the top 15 reefer trade routes rose 32 percent year-over-year in the second quarter.
“In contrast to dry container freight rates which are expected to decline in 2022 as trade conditions normalize, reefer container freight rates are forecast to continue rising as price inflation feeds into North-South routes when long term contract rates are renewed,” said Drewry’s head of reefer shipping research Philip Gray.
The resurgence in reefer freight rates however has not been uniform across all trade routes.
The main driver of the inflation is capacity-related, as perishables shippers have competed with higher-paying dry freight BCOS (Beneficial Cargo Owner) for limited containership slots.
Although the global seaborne perishables trade in 2020 declined by 12 percent, it has picked up through the first half of this year, expanding nearly five percent year-on-year, led by meat, citrus and exotics trades.
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Mobereola, NIMASA DG, reflects on year 2025 with satisfaction, says 2026 holds promising opportunities for maritime industry
” You can therefore be sure of an increased momentum in our resolve to sustain maritime safety, security, environmental protection and adherence to relevant conventions and protocols with renewed vigour.”
The DG concluded by acknowledging the support of President Bola Ahmed Tinubu, Adegboyega Oyetola, Minister of Marine and Blue Economy, industry stakeholders, management and staff of NIMASA as well as all Nigerians and wished everyone a Merry Christmas and a prosperous New Year.
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