Rates on the key Asia-Europe trade fell an additional US$181 this week to reach $518 TEU.
“It’s clear that rates have collapsed after the July 1st general rates increase (GRI) and could reach negative freight territory for the second time this year if they continue on their current trajectory,” said a Freight Investor Services report.
Although there were attempts by three alliances to withdraw capacity, it was not enough to offset weak cargo demand. Utilisation rates, therefore, were reportedly still between 80% and 90%.
Source: Freight Investor Services
Main trade rates collapse
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