Several liner companies currently redistribute containers to the lucrative Transpacific tradelane. This is causing shortages on the tradelane between Asia and Europe, which has led to delays in some areas DHL has stated.
According to the latest figures from Freightos Baltic Index, the unprecedented bull run that has boosted the bottom line of the world’s leading carriers since the end of June, has finally been halted by China’s Ministry of Transport, The pressure exerted by the Ministry of Transport (MOT), principally on Chinese carriers, COSCO and OOCL, to drop general rate increases (GRI)s planned for yesterday, but ultimately axed, was also being felt by their non-Chinese rivals.
D-ALEE Boeing B757-236 (SF) taking off from Malta International Airport on 22nd August, 2012.
Last September meeting between the MOT and shipping lines appears to have brought about, at least a temporary halt in the spot rate feeding frenzy with COSCO/OOCL’s non-Chinese counterparts falling into line, dropping their proposed increases rather than risk incurring the ire of Chinese authorities.
D-ALEI Boeing B757-236 (SF) at Park 8, Malta International Airport back to 27th May, 2014.
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Published – Wednesday 23rd September, 2020.