Carriers ‘In Panic Mode’ as Recession Bites, Offering ‘Crazy’ Ocean Rates (The Lodestar)

• “The westbound market seems like it’s in panic,” a UK-based forwarding executive told The Loadstar this week. “I am getting approximately 10 emails a day from random agents offering very low rates. Today, I had $1,800 into Southampton, which is crazy; it seems to be panic,” he said. “There hasn’t been a Christmas rush on westbound and I put that down to the recession. As a country, we are not buying like we used to during the pandemic.” He said he was hearing that carriers were blanking sailings right up to Chinese New Year, which falls on 21 January, to drive up rates, but, he added, “personally, I don’t think that the volume is there”. READ MORE

Similar Posts:

• Quarterly Frontier Markets Recap 2Q21 (FitchRatings)
• Emerging Market Links + The Week Ahead (November 28, 2022)
• Brazil’s Middle Class Feels Recession Pains (CNN Money)
• Myanmar: Where a SIM Card Price Went From $2,000 to $1.50 (BloombergBusinessweek)
• China’s Effective Tax Rate is Still Much Lower Than the US (The Asset)
• Trade War Steers Chinese Investment Toward Southeast Asia (Nikkei Asian Review)
• Brazil Heads for Worst Recession Since 1901 (Bloomberg)
• Brazil Consumer Confidence Falls in Latest Nielsen Survey
• Reshaping Supply Chains Away From China (The Asset)
• Who’s in Trouble, the US Dollar or Emerging Economies? (Nikkei Asia)
• China is a Minefield for International Creditors (Washington Examiner)
• China Bolsters Pension Fund as Fears Grow Over 2035 Doomsday (Nikkei Asian Review)
• Argentina: In the Midst of the Storm (Pictet)
• Renminbi’s Share of Global Payments Falls (The Asset)
• The Global Impact of a Chinese Recession (Project Syndicate)