News / Wan Hai says it may be open to reducing shipping contract rates, 'short-term'

Wan Hai has become the second liner operator to acknowledge requests from shippers to reduce contract rates in the wake of falling freight rates

Similar pressure was reportedly experienced by Yang Ming earlier this month.

Primarily an intra-Asia carrier, Taiwanese Wan Hai entered the transpacific trade in 2020 with US west coast sailings, followed by east coast services last year.

At the time, transpacific rates were at historically high levels, but have since fallen below $3,500/feu, from a peak of $17,500 last October ...