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Shippers delaying signing long-term contracts in the belief that the market could soften in their favour have been warned by Xeneta’s chief analyst, Peter Sand, not to “chase the final dollar.”
Indeed, Xeneta called to mind Q4 23, when some shippers chose to delay signing annual contracts on the Far East to Mediterranean trade as the threat of geopolitical tension had begun to translate into rates. Fast-forward seven weeks and short-term rates increased 243%, following escalation in the Red Sea, and surcharges were also imposed on long-term rates.
“Those who waited too long to commit to a long-term contract, or were more reluctant to deviate from a more traditional procurement process, are now facing the consequences of abnormally high spot market rates,” said Xeneta.
Read more in an article from The Loadstar.