Asia- North Europe freight rates are heading for a 20-month low as liner operators continue to slash rates ahead of China’s Golden Week holidays that begin on 1 October.
Describing the situation as a freefall, consultancy Linerlytica singled out Gemini Cooperation (Maersk and Hapag-Lloyd) carriers’ insistence on maintaining full sailings even as the Chinese holidays will drag down market rates, with only 1 sailing withdrawn in October, compared to six sailings blanked by MSC/Premier Alliance and six sailings blanked by OCEAN Alliance.
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