The Asia-North Europe rate slump received no respite after carriers abandoned the 1 Sept rate push and allowed rates to fall further as
the SCFI rates dropped by 9.5% to $2,096/feu while the SCFIS fell by 11.7% in its sharpest weekly drop since February.
Carriers’ reluctance to remove surplus capacity continues to be the bane of the market, with the limited Golden Week blank sailing program in early October a further sign the lack of discipline. Gemini carriers in particular will take out just