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Shippers face 'significant' rate hikes as new container contract talks loom
29 Sep, 2020

Having succeeded in aggressively raising container spot rates during the pandemic, ocean carriers are now laying the foundations for a substantial uplift in annual contract rates.

Shippers and carriers traditionally start negotiations for the Asia-Europe trade in October and November, and for Asia to the US in February and March.

Maersk, for example, reckons around half of its business still comes from annual contracts with BCO and NVOCC shippers, but given the volatility of freight rates carriers have reported a bigger swing towards shorter-term contracts and spot business.

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