Hopes of a traditional peak season when holiday orders are imported are fading.
in its second-quarter profit before interest, tax, depreciation and amortization of $2.91 billion, well below the record $10.3 billion for the same quarter in 2022."Looking at the next couple of months, there's still a lot of capacity going to be added specifically on the ocean side," Manders said."And that will keep rates ... severely under pressure," he told CNBC.
Spot container rates reported by the Shanghai Shipping Exchange were down nearly 90% for the three-month period March to May, when compared with the same period in 2022, Rasmussen added. The electronics, high tech and clothing industries have"way too much" stock, he added, while furniture companies are holding about the right amount."We'll probably need the holiday season to clear through these inventories," Manders said.
The firm recorded 13 blank sailings on Asia to Europe routes in July, and expects similar figures for August and September.
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