The past couple of years had been unforgiving for the whole human race. The COVID-19 pandemic, which distressed the economies globally, has still not released the world from its clutches. Among the industries that had to bear the major brunt of the situation is the trade industry. In fact, the circumstances had been strange to say the least.
On one hand, the demand for multiple commodities increased. And on the other, the capacity to meet them through import and export faced obstruction due to a number of reasons. For example, the shortage of labour and strict pandemic norms hampered the global supply chain. The regular pandemic waves hitting different parts of the world have been making things worse.
If that was not enough, the beginning of 2022 witnessed the power struggle between Russia and Ukraine. The closure of airspaces for flights and the ongoing threat of soaring commodity prices are among the many reasons for the traders to panic. Hence, the year has already made apparent a number of challenges for various trade-related processes, including freight booking.
To begin with, the freight rates are at an all-time high. Firstly, the industry is already a hard-hit by the pandemic-related issues. Secondly, the oil and fuel prices have been on a continuous rise ever since Russia’s attack on Ukraine started. Considering the gravity of the condition, one can’t expect the prices to bow down for the next few months.
In addition, the shortage of a number of critical resources is adding to the seriousness of the circumstances. These include:
As a consequence of the above-mentioned challenges, the exporters currently experience two main issues – high costs and shipping delays. While making a booking for containers, they usually end up:
However, this has been an issue for a long time. Though, it is more of a concern at present when spending unnecessary time and costs can hit their anticipated profits. In order to deal with it, it is necessary that they adopt certain measures that can make things a bit more favourable for them.
Now, the question is what different approach an exporter can follow to make freight booking simple and cost-effective. Here are some suggestions:
Altogether, you can’t expect the present circumstances to improve in the near future. However, you can still save time and money on freight booking by adopting the modern means of contacting the shipping lines.