News / Soft demand pushes ocean spot rates to 'their lowest sustainable level'

Photo: ONE

Weak demand in the three major ocean trades, coupled with the expected flood of new tonnage, will feed declining rates, according to the latest report by Maritime Strategies International (MSI).

And ONE CEO Jeremy Nixon said today: “Demand in the last quarter [Q1 23] has been significantly weaker than the previous two years’ first calendar quarters.”

But he added this was not unexpected “since the Covid 2022 recovery cycle brought strong inventory ramp-up programmes for consumer merchandise”.

Even though ...