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.

News ID: 68972

Date: 21 September 2016 - 10:24

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.