Hanjin’s Rivals to Benefit from Higher Freight Rates
The disruption to cargo services made by South Korea-based Hanjin Shipping has pushed up spot freight rates temporarily creating better conditions for other container shipping companies which stepped in to plug the gap.
According to MANA, A“Hanjin’s woes are occurring at a time traditionally considered the busiest time of the year for the industry. Among those who stand to benefit from higher rates in the short term are Maersk Line, Hapag-Lloyd and CMA CGM,” Maria Maslovsky, a VP-Senior Analyst at Moody’s, said.Rates increased by 42% per forty-foot equivalent unit (FFE) on the Shanghai-Los Angeles route, 19% on the Shanghai-New York route and by 39% on the Shanghai-Rotterdam route following the Hanjin’s receivership filing, according to Drewry. The increases follow consistent declines in freight rates in 2016.