Asia-Europe freight rates in turmoil

Although unsurprising to industry officials, the exact cause of the downturn is still contested. Some blame the insistence of Maersk Line and Hapag-Lloyd on maintaining market share while integrating acquisitions, but most are convinced it is a simple matter of demand and supply.

The Asian-European route has also seen ship utilisation fall from near 100% this time a year to almost 90%.

In contrast, Indian-European trade routes are more buoyant.