Spot rates, which cover anywhere from 10% to 40% of ocean container shipments and are considered a key indicator of the industry's health, are in free fall.
are collapsing, but top retailers like Walmart and Home Depot should not expect relief until the spring contract renegotiation season, industry experts said.
“There is sense of payback time in the market after the COVID years, where carriers have been in absolute control,” said Peter Sand, chief analyst at air and ocean freight rate benchmarking platform Xeneta. Big shippers “go into their buying season…wanting to know what their freight is going to cost. They’re not interested in playing the [spot] market” by shopping for lower rates, shipping expert John McCown said.
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