The cost of hiring shipping containers is at record highs, with rates quadrupling in the last year. That’s great news for the shipping lines but less so for the world’s retailers, who are warning of price rises as we head into the Christmas season. Blame congestion at the world’s ports, analysts say, with some of the worst delays on the routes between China and its key export markets.

Are freight rates going to rise further as we get closer to peak consumer demand in the US and Europe in the fourth quarter? Here’s our interview with Parash Jain, HSBC’s global equity head for shipping and ports, who discusses what’s causing the container crunch and how long it’s going to last.