The gap between Asia-North Europe and Asia-Med rates have narrowed to the lowest levels since October last year, with Med rates under persistent pressure after dropping by 19% over the last 4 weeks. The SCFI assessment to the Med dropped by a further 4.4% last week while rates to North Europe were largely flat.
Capacity utilization remains firm to North Europe but cracks are starting to show with spot rates creeping below $3,000 per feu, with further rate cuts expected in August as the summer p