Container spot rates fall despite record-breaking 2021

Container spot rates are falling – and are unlikely to see any noticeable edge up for the remainder of what has been a record-breaking 2021. Liner shipping is on course to smash profits in excess of $150bn this year, more than five times their previous best cumulative effort as rates soared to highs never seen before.
However, as the peak season has passed and carriers focus on getting more clients fixed to long term contracts, the spot market has entered free-fall.
Last week saw the biggest week-on-week drop of Drewry’s World Composite Index since November 30, 2017, a global spot rate indicator, which plunged 4.9% in the first week of the month.
“We think spot rates will probably continue to slide through the rest of the year, but that they will remain at high levels, feeding into strong contract rates next year,” said Drewry’s Simon Heaney.