Container market to collapse as ships turn into scrap

Posted on December 19, 2022   |  

13 vessels that came back from North Europe to Asia are planned to take the long path South of Africa instead of going through the Suez Canal.

High demand from importers collapsed the container market to lower their inventory exposure.

Since August 2020, the Shanghai Containerized Freight Index (SCFI) is at its lowest point as spot freight rates on the major Asia-US West Coast and Asia-Europe routes are down most liner operating costs.