Shock for carriers as spot rates fall below long-term contract prices
Spot container freight rates on the main east-west deepsea headhaul trades continued to edge downwards ...
An interesting little bit of crystal ball gazing from US consultancy McKinsey from late February – published shortly after Russia launched its invasion of Ukraine, but probably written before it, so caveats apply on what’s going to happen in China this year. Briefly: more stellar earnings for forwarders profiting from continuing supply chain congestion; more M&A, paying particular attention to “a new Chinese logistics juggernaut” in the shape of the recently formed China Logistics Group; cut-throat competition and rate wars in its express market, due leading to possible bankruptcies; a big leap in e-commerce-fuelled volumes in domestic air cargo routes; and a surge of automation investment across the Chinese warehouse sector. “The pandemic has ushered the Chinese logistics market into an interesting stage of its evolution,” is the rather understated comment from McKinsey.
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