Yang Ming 'under pressure' from shippers demanding contract rate cuts

08 Sep, 2022

Yang Ming chief operating officer Chang Chao-feng has admitted that, as spot rates fall, the carrier is under pressure from shippers demanding to renegotiate contract rates.

The line is believed to be the first to confirm receiving demands from shippers for lower contract fees and, yesterday, Mr Chang said the situation had become more challenging than in mid-year.

He said: "In May, whether for shipments to Europe or the US, both shippers and our side were optimistic when negotiating contract rates, which were high. The sharp drop in the spot rates has caused great pressure on these contracts."

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