Drewry: Contract rates for container freight will increase markedly

The contract rates for container freight will increase markedly because the contracts entered into in late 2011 are up for renegotiation, Drewry’s estimates to Lloyd’s Loading List.

Photo: Hyundai Merchant Marine

“Importers and exporters should expect to pay higher freight rates when their contracts come up for renewal, whether later this year or next. Hardest hit will be those whose contracts that were agreed at the end of last year when the market was at its weakest,” says Martin Dixon, Research Manager with Drewry’s, to Lloyd’s Loading List.

Drewry’s Container Forecaster predicts that the average all-in East-West freight rates for both contract and spot markets will increase next year with a further 10 percent. Over half of the container freights are sailed on contract rates.

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