Xeneta CEO Patrik Berglund said in late November that if spot rates had not stabilized and started to rise again by the first and second quarters of this year, “carriers have played this market really badly.”
By that definition, ocean carriers have played this market really badly.
Spot indexes are not plummeting like they were in the second half of 2022, but they’re still inching downward week after week. The market bottom is proving elusive as transport capacity continues to exceed demand.
The spot market is signaling where annual contract rates are heading in 2023.