Industry faces test of resolve

The warning comes in the latest Drewry Container Forecaster report following the considerably higher Asia-North Europe trade spot rates revealed in the weekly rate indices. This position follows the extremely low freight rates seen at the end of last year.

However, the report forecasts that east-west freight rates, including fuel, will rise by as much 13.7% this year but says that from an industry perspective, it is clear these higher rates will enable ocean carriers to cover rising costs and turn a profit.

It also highlights that demand is by no means certain and, as a result, Drewry’s has downgraded its 2012 global forecast to 4.6%, largely on the basis of a weak Eurozone, crippled by debt.