Carriers could correct charter market boom
A charter market correction could be looming amid the deterioration in spot rates. Citing the ...
© Elnur
By Mike Wackett
The unrelenting decline in container freight rates from Asia, caused by a collapse in demand, is compelling ocean carriers to blank more sailings than ever before as vessel utilisation hits new lows.
Drewry’s WCI Asia-North Europe component slumped a further 18% this week, to $2,192 per 40ft and is down 75% since August.
Meanwhile rates from China to North European hub ports, now being touted by forwarders, sank below the watershed $1,500 per 40ft benchmark.
“Where will it all end?” asked a Felixstowe-based ...
Comment on this article
Surinder Pannu
November 25, 2022 at 2:44 pmAll carriers, ports, railways & railyards, truckers have looted hefty money out of importers pockets, not for any valid reason, just by greedy manipulation. Now they should be okay for 3-4 years even if they don’t run any operation. Whatever they would make, would be bonus.