Despite the Chinese New Year celebration coming to a close, a backlog of Asian freight persists.  Despite heavy demand generated by the recovering global economy, capacity is down between 30-45% from this time last year according to one freight forwarder.  Reports from several Chinese ports suggest ships are sailing above capacity, and experts predict it may take months before backlogs clear.

With limited space, shippers have been forced to pay elevated rates to secure cargo space aboard overbooked ships.  New rate increases as high as 15% took effect March 1, but with carriers eager to recoup loses from 2009, more increases likely loom ahead.