Blank sailings holding down spot rates as China to Europe space tightens
18 Jul, 2022
Uncertainty on Covid policy is prompting shippers to adopt a wait-and-see approach to sourcing in China, with carrier blank sailings the "only thing stopping" further rate declines.
Strict lockdowns led to a dramatic drop in China's economic growth in Q2, to 0.4%, compared with 4.8% in the first three months of the year, marking the country's slowest growth since the Covid crisis began in 2020.
Furthermore, the risk of additional lockdowns, combined with high inventory levels in the west, appears to be dampening ex-China ocean freight demand.
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