Asia Rice-Shipping container crunch lifts Vietnam rates to 9-year peak

Rice export prices in Vietnam jumped to their highest since December 2011 this week, as a shortage of containers sent freight rates soaring and pushed Thai prices of the staple to a near four-month peak. Prices for Vietnam’s 5% broken rice RI-VNBKN5-P1 rose to $500 per tonne, their highest since December 2011, from last week’s $470-$490. “A shortage of containers has made it difficult for traders to ship rice to their customers,” a trader based in the Mekong province of An Giang said. For instance, freight rates for a 20-feet container to Africa has risen to $5,000 from $1,500 a couple of months ago, the trader added. Vietnam is not likely to meet its target of exporting 6.5 million tonnes of rice this year, traders said. Government customs data showed exports in the January-November period slid 2.9% year-on-year to 5.7 million tonnes. Thailand’s benchmark 5% broken rice RI-THBKN5-P1 prices rose to $500-$519 from $485-$516 last week due to concerns over supplies and logistics. ...