The freight rate correction gathered pace after carriers failed to defend their
pre-Chinese New Year gains with the SCFI shedding 6.2% last week. Although the
Red Sea dividend remain in play with spot rates still 96% higher compared to
December last year, cargo demand has not rebounded sufficiently after the
Chinese New Year holidays to provide rate support with carriers unable to mount
a serious 1 March GRI attempt on the transpacific route ahead of the crucial
annual contract negotiations.
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