More ocean rate gloom as analyst warns of further severe downturn

Asia-North Europe carriers took advantage of the Chinese national holiday this week to announce new headhaul FAK rates, effective from 1 November, which are double the level currently on offer via the spot market.

Hapag-Lloyd led the way on Monday raising its Asia-North Europe 40ft FAK rate to $1,750, followed by CMA CGM on Wednesday upping its FAK rate to $1,800 per 40ft.

Despite these announcements and the lack of activity in the Chinese forwarding market this week, Asia-Europe spot rates continued to lose ground, with for example the Freightos Baltic Index (FBX) North Europe component falling another 11%, for an average of $910 per 40ft.

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