News / Things in ocean freight not as bad as they seem, believes Yang Ming CEO

The Panama Canal’s restriction on shiploads and industrial action by US west coast dockers could pause the slide in container freight rates, according to Yang Ming CEO Patrick Tu.

He said the Shanghai Containerised Freight Index had been going up in the past two weeks.

Due to drought, the Panama Canal authority brought in weight restrictions on larger vessels on 24 May and stepped them up five days later. Consequently, several liner operators have hiked freight rates by between $300 and $500 ...