Comment / Freight rate boomerang? 'I absolutely despise the carriers and their behaviour'

D 92162930 © Rafael Ben Ari | Dreamstime.com

The sudden turn in spot freight rates and contract rate-related costs on the transpacific and Asia-Europe trades over the past fortnight has caught almost every stakeholder by surprise.

Yes, ocean carriers had been aggressively pushing for spot rate increases since the closure of Hormuz, but after a brief shock-induced spike in the first fortnight, the rates plateaued and soon declined again due to the market fundamentals (weak demand vs healthy supply), as well as the relatively minor role that, after all, ...