QUOTE: At the FTA, Mr Zalai said June's composite World Container Index had increased significantly - up 25.7pc to $US5117 for a 40 foot container. That was a 233pc rise on the same period last year. July had also arrived with a wave of early season shipping company price increases flagged for freight movements to and from Australia.

"Cost rises are definitely happening now, and capacity to North America is becoming an issue for grain and beef and lamb," he said.

"But, while foreign-owned shipping lines are attributing spiralling freight rates to the supply and demand imbalances caused by global events, of particular concern to us is that long-standing commercial arrangements are now subject to change."

"Named account freight rates negotiated with major freight forwarders and importers are not being honoured, making it impossible for logistics operators to predict landed costs."

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The Land : Freight fright: Red Sea rockets and trade panic hit our ag costs