SPOT rates on
the Asia-Europe
trade continue their plunge to US$58 in the week to June 7 to $284
per TEU, barely covering fuel expenses.
Experts
predict that if rates continue on their present course it will trigger a major
sell-off of aging and less fuel-efficient tonnage.
Said analysts
at Clarksons
Platou: "The current spot rates only just cover the cost of fuel
and no other operating costs."
They are now
predicting a major sell off of tonnage to get rid of older less efficient ships
that cannot compete in a market of hairline profit margins.
According to Lars
Jensen from SeaIntel Consulting, "this development is driven by
the overcapacity and cascading of ships. The key is to look at how to become
profitable in these trades, rather than hoping to bring the rates back
up," he says.
Source :
HKSG.
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