Anecdotal evidence suggests that there is significant modal shift from ocean to air occurring in the ex-Asia market. Ocean capacity has declined over the last couple of years, both as a result of the laying up of ships and slow steaming by container lines, and as we move into peak season for ocean freight the problem is being exacerbated by a shortage of containers. As a result, rates have increased dramatically - with many shippers reporting 100% y-o-y increases. This combination of rising rates and tight capacity has driven some shippers, particularly those facing inventory shortages due to continuing high customer demand, to switch to air.
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