News / Blanking voyages holds ocean rates steady, but masks the real impact of Covid

ID 144595589 © Mr.siwabud Veerapaisarn | Dreamstime.com

Container freight rates have yet to see any significant erosion, despite the coronavirus pandemic’s stranglehold on demand.

But the aggressive blanking programmes of carriers is disguising the real picture, according to Bimco’s chief shipping analyst, Peter Sand.

Indeed, for spot rates the SCFI cumulative index is still some 10% higher than 12 months ago, while its longer-term CCFI contract component is 9% higher.

The analyst said the blanking, combined with slower steaming and diverting ships around the Cape of Good Hope, was “artificially ...