Cracks in slow steaming agreement?

First, the agreement among container carriers on increasing rates in order to get the economy under control started to show cracks. Maybe it is now the case with slow steaming. According to Platou Markets, shipping companies have begun increasing speed.

Photo: Hyundai Merchant Marine

 The agreement to increase rates which exist among not least the biggest container carriers started to show cracks a few weeks ago as tendencies showed that some carriers were ready to lower prices. This followed several months of apparent consensus and support for rate increases.

Next in line is the slow steaming consensus i.e. the companies’ silent agreement to sail slower in order to secure a better business. According to RS Platou Economic Research, both the VLCC and the container fleet have begun speeding up slightly as belief in the market has increased during previous months.

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