Drewry says substantial industry losses unavoidable in 2016
The forecast modest rise of container freight rates over the next 18 months will not be enough to save the industry from making substantial losses in 2016, shipping consultancy Drewry has claimed.
In the latest of its Container Forecaster reports, Drewry pointed out that there are distinct parallels between the current situation, characterised by spot freight rate volatility reaching unprecedented levels and unit industry income falling to record lows, and the 2008/09 financial crisis.
The consultancy said: “Drewry estimates that container carriers collectively signed away US$10bn in revenue in this year’s contract rate negotiations on the two main East-West trades.
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