Yang Ming says shippers taking time to commit to contracts as rates fall
28 Mar, 2023
Transpacific contract negotiations with shippers are taking longer as rates are expected to fall sharply, according to Yang Ming .
Most negotiations have not been completed, while contract rates are expected to fall by at least 50% from their level in 2021 and 2022, when freight rates soared to all-time highs on the back of Covid-19-related bottlenecks.
However, Yang Ming COO Chang Chao-feng said contract rates would still be slightly higher than spot levels, which had fallen to pre-pandemic lows.
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