Spot freight rates on the trans-Pacific and Asia-Europe trade lanes may not recover to sustainable levels from their three-month long slide until the peak season demand in the third quarter of this year, according to BIMCO, the independent shipping association in Copenhagen.
BIMCO said in a bulletin issued Thursday that carriers should consider idling some vessels to restore freight rates significantly over the coming quarter, as fears of overcapacity continue to undermine their efforts to increase rates.