Freight rates continued their spectacular collapse last week despite the severe port congestion that has built up in North Asia due to Typhoon Muifa, with the SCFI slipping by 33% within the past 4 weeks and down 50% year on year. Vessel utilisation on head haul routes have continued to drop despite shortfalls in ship departures, with carriers lacking resolve to remove excess vessel capacity in the market beyond ad hoc blank sailings that have been ineffective in curbing the rate drops. Yet, ca