Maersk and rivals such as Hapag-Lloyd and CMA CGM lost money last year as high fuel costs exacerbated a price war. In addition to raising freight rates in response, they pooled or idled ships and reduced speeds to curb vessel supply. The decline in the index indicates those price increases are reversing as ships are added back to the world fleet.
“Somebody of the 15 lines contributing to the index must have undercut the jointly established higher freight rates,” said Kai Miller, head of the container desk at London-based ship broker ICAP Shipping. “More general rate increases were announced for the summertime, but that is now a big question mark.”