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News / Spot rate carnage could result in more ships laid up, 'with worse to come'

Photo 98336114 Cargo © Sheila Fitzgerald Dreamstime.com
© Sheila Fitzgerald Dreamstime.com.
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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 ...

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  • Alan Styles

    October 09, 2022 at 8:04 am

    I’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.

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