freight rate inflation

Idle Tonnage Fleet Set To Soar Next Year As Charter Rates Tumble

Credits: Markus Winkler/ Unsplash
  • Euroseas Shipping, a Greece-based non-operating owner (NOO), acquired the ship for just $10m in December 2019
  • When the freight market went sharply into reverse, average daily hire rates for panamax containerships slumped to about $20,000 a day.
  • With ocean carriers starting to lay-up their chartered-in vessels, Synergy Oakland has been ‘awaiting orders’ at anchor off Ningbo since 19 December.

Just 12 months ago, the 2009-built 4,253 teu Synergy Oakland was...

https://mfame.guru/idle-tonnage-fleet-set-to-soar-next-year-as-charter-rates-tumble/

Freight Rates Down By 90% As Global Trade Falls Off Fast

Credits: Andy Li/ Unsplash
  • Prices in the ocean freight contract market posted a record monthly drop in November.
  • Central banks around the world are fighting inflation by raising interest rates and cooling demand, but that can quickly turn into a recession.
  • While November could represent the low point, logistics firms are warning of an all-out price war in 2023 with too many ocean vessels.

Logistics managers are sending the message to clients that the ocean freight market is correcting itself at...

https://mfame.guru/freight-rates-down-by-90-as-global-trade-falls-off-fast/

Global Trade Shifts From Backlogs To Empty Containers, Shipowners Cancel Sailings

As inflation weighs on international trade and consumer spending, ocean carriers are cancelling dozens of sailings on the busiest routes in the world during what is often their peak season. This is the latest indication of the economic whiplash affecting businesses as reported by the Wall Street Journal.

October cancellations

The October cancellations are a sharp reversal from just a few months ago when scarce shipping space pushed freight rates higher and carriers’ profits to record levels.

Trans-...

https://mfame.guru/global-trade-shifts-from-backlogs-to-empty-containers-shipowners-cancel-sailings/

Container Cargo Market Hot Amidst Covid 19

  • Windfall profits, cargo congestion, freight rate inflation, fleet expansion acceleration – welcome to life in the global marine cargo supply chain circa May 2021.
  • It’s also a continuation of that life from mid-2020, when the sudden spike in transpacific trade caught every link.
  • In that chain off-guard after 2020’s first-half pandemic torpedo hit the world’s container cargo fleet.
  • Highly volatile marketplace that has been suffering from chronic overcapacity issues and cutthroat freight rate...

https://mfame.guru/container-cargo-market-hot-amidst-covid-19/