Carriers take short-term rate hit and eye post-CNY demand surge
Ocean carriers do not expect consumer demand in North Europe to recover until at least ...
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By Mike Wackett
Ocean carriers could be forced to mothball more eastbound transpacific US west coast loops, and the vessels that operate them, to stop the extraordinary haemorrhaging of container spot rates which have halved in value in the past four weeks.
According to today’s reading of the China-US west coast component of the Freightos Baltic Index (FBX), the spot price for a 40ft plunged 20% this week, to $2,361, compared with a typical premium rate a year ago of $20,000, a two-thirds decline ...
Comment on this article
Alan Styles
October 09, 2022 at 8:04 amI’m not in the trade, but I like to follow the Shipping News.
Well, what can we say? It was reported in 2020/2021, that these same shippers/carriers made 10 years profit in 1 year! One TEU cost 4x more to ship compared to pre-pandemic prices. Talk about boot on the other foot.
I don’t think importers will have any compassion for these greedy shippers, particularly the smaller importers, who were being strangled by these outrageous prices.