News / Carriers remain buoyant despite collapse of spot rates and falling demand

Container spot rates from China to Middle East and intra-Asia routes are reported to have “collapsed” this week, with prices to Europe and the US coming under intense pressure.

Nevertheless, two ocean carriers remain bullish on maintaining profitability, as the liner industry adjusts to ’normalisation’.

The Ningbo Containerized Freight Index (NCFI) reported a 30% slump in its Thailand and Vietnam component and a 22% decline in its Middle East index.

“Carriers cut prices to compete for limited demand and freight rates have collapsed,” ...