According to the Malaysian National Shippers’ Council (MNSC), due to descending available capacity of shipping lines and shortage of containers, Sea freight rates increase reached 800% in some routes, a 100% more increase than October in 2021.

Nowadays, over 90% of the international trade is being carried out via international seaworthy transportation, said MNSC chairman Datuk Dr Anda Seo.

The chairman emphasized, as a result of the pandemic, increasing commodity prices and labor shortage have pushed costs in local manufacturing and logistics services sectors to a high level, even worse, the soaring sea freight rates has caused the cost of import and export to soar as well.

Malaysian shippers are now offering “Free on Board” basis to customer, as they are no longer able to endure the high freight rates.