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So, did the November GRIs stick? According to Drewry, while spot rates doubled in the first week of the month, by the second week of December more than half the gains had been lost. Which means average spot rates in November rose by 50%. Meanwhile, warns Drewry, 2014 is looking tough too. “There is an increasing disconnect between market fundamentals and freight rates. Despite respectable load factors, carriers are struggling to achieve sustainable rate rises on the spot market and this is strengthening cargo owners’ hand in contract rate negotiations.”