News / Contract rates soaring above spot, with shippers being 'bled dry'

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Long-term container line contract rate agreements have reached new highs and, in some cases, are in excess of spot market deals currently touted by ocean carriers.

Hapag-Lloyd CFO Mark Frese said this month he expected a “strong reduction” in spot rates in the third quarter, with, in some instances, short-term rates falling back below contract rates.

“Although there are regional differences, the trend is the same; we are seeing a softening of spot rates globally,” he said.

Ocean and air freight benchmarking firm ...