New entrants on the main east-west container routes are suffering, due to plummeting spot rates and very high charter rates.
Some shipping lines are giving notice to terminate their charters early. The China-Europe service of UK-based major operator which has filed for insolvency in October.
Freight rates may hit 2019 levels in just four weeks by the end of this year and perhaps even go below that level during the seasonally weak Lunar New Year holidays in China in late January.