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From the Journal of Commerce:
The results of the 2014-15 service contracting season in the eastbound Pacific are in, and from the perspective of ocean carriers, they’re not pretty.
Unless carriers can score impressive gains on the spot market and with peak-season surcharges, neither of which are guaranteed, it looks like they will lose money again in the busiest U.S. trade lane.
Most of the major retailers and other large importers have signed contracts for the period May 1, 2014, to April 30, 2015. It appears that the average freight rate for shipping a 40- foot container from Asia to the West Coast will be well below $2,000 — the rate that carriers believe is break-even for the services.
More at the JOC
Some shippers welcome larger container ships and carrier alliances as a way to add capacity and restore carriers’ health, but they warn that ports will have to adjust to avoid bottlenecks and added costs.
Larger ships were the theme of the Virginia Maritime Association’s annual international trade symposium, where several shippers said they believed economies of scale and other benefits will offset the risks.
More at the Journal of Commerce
Source: American Prospect
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