While much has been written about the declining spot rate environment, there is also now a record-breaking fall in long-term rates, according to Xeneta, a freight rate benchmarking platform.
Average long-term contracted rates dropped by 13.3% in January, Xeneta reported last week.
Xeneta CEO Patrik Berglund commented: “Global demand has fallen away, congestion has eased, equipment is available, and the macro-economic and geopolitical situations are, to say the least, complex.”
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Reference: Sam Chambers,"Maersk warns global box volumes could slide 2.5% this year", Splash247.com, Feb 8th, 2023