News / Heavy weather for carriers as rates for new contracts near parity with spot

© Mr.siwabud Veerapaisarn

Maersk said last week this year’s contract rates for its liner services were “trending towards spot rates” and, in fact, a momentum that appeared to be accelerating as agreements expired.

According to freight rate benchmarking firm Xeneta, there is a “fundamental shift” in the ocean freight market which has already significantly narrowed the spread between spot and contract rates.

Xeneta’s crowd-sourced data for five main headhaul routes from Asia provides evidence of huge discounts ocean carriers have already agreed for new deals, ...