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Sea freight rates are up and still climbing, but that only constitutes a light at the end of the tunnel, as Drewry’s Shipping Consultants’ latest snapshot of container shipping points out. It estimates that the industry conspired to lose a collective $6.5bn in 2011 while volumes grew by 7.4%, an underachievement of stunning proportions. No one is addressing the structural overcapacity, and while that remains, the one sure prediction is continued volatility.