Container shipowners are currently struggling with the fact that it is now cheaper than ever for shippers to have containers carried on the large global shipping services in the spot market. This is evident from the latest data from the SCFI index, which on Friday showed the lowest level ever, at 736.95.
"The only saving grace for the carriers is that bunker prices are considerably below the level they were at in 2011, which is probably a great part of the explanation for why we have reached a new all-time low. As we have argued many times before, the "new normal", if you will pardon the expression, is one of constant, or at least long-term, over-capacity and increasing commoditisation," writes SeaIntel in its newsletter on Monday.
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