Xeneta: 2016 contracts impacted by sliding rates

Data from Xeneta shows that container rates on Asia-Europe have significantly declined since New Year's , and that shippers are now transferring low short-term rates into long contracts. "2016 looks worse than 2015," says CEO at Xeneta Data, Patrik Berglund to ShippingWatch.

Photo: Hyundai Merchant Marine

Provisional data based on shippers' contracts reflect a big slide in the container rates on Asia-Europe in the first two months of 2016, writes the price comparison platform Xeneta in a news update.

The drop in average rates on short-term contracts for 40-foot containers went from an average of USD 2,324 at the turn of the year to USD 636 on the first of March. A plunge of 72 percent.

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