News / 'Definite weakness in the market', as spot rates continue rapid tumble

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The accelerating decline of container spot rates is proof of a downturn in the market, according to one of the industry’s most respected analysts.

Vespucci Maritime’s Lars Jensen was referring to the rapid reversal in price direction on the Asia to US west coast and Asia-North Europe tradelanes, which saw their components in Drewry’s WCI index shed another 6% and 5%, respectively, this week.

“This clearly signals a weakness in the market, especially as we ought to be in the midst of ...