Carriers panic after the decline in bookings in China

Ocean carriers went into “panic mode” as bookings from China to Northern Europe and the US West Coast dropped significantly, causing rates to continue falling.

Some carriers are said to be willing to lower volume fees further, and to relax or even waive demurrage and detention conditions.

The demand has not increased for the Christmas dates due to the recession, countries are no longer buying as they used to during the pandemic.

(Gcaptain, 2022)