TRANSATLANTIC rates are experiencing a rapid decline due to a combination of sluggish US import demand and an excess of capacity, leading to a decrease in prices on routes from Europe to North America, reports New York's Journal of Commerce.
Although there is speculation in the market that rates on transpacific and Asia-Europe trades may have reached their lowest point, head haul transatlantic rates are still some distance away from returning to pre-Covid levels.
However, the gap is gradually closing as each week passes.
'The transatlantic held up for longer than many of the other trades, but now you are seeing a similar correction as elsewhere,' said Hapag-Lloyd CEO Rolf Habben Jansen.
SeaNews Turkey
Although there is speculation in the market that rates on transpacific and Asia-Europe trades may have reached their lowest point, head haul transatlantic rates are still some distance away from returning to pre-Covid levels.
However, the gap is gradually closing as each week passes.
'The transatlantic held up for longer than many of the other trades, but now you are seeing a similar correction as elsewhere,' said Hapag-Lloyd CEO Rolf Habben Jansen.
SeaNews Turkey