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Rates still in decline

Rates still in decline
Hopes that freight rates for containerised cargo had stabilised appear to have been dashed after Neptune Orient Lines disclosed another considerable lurch downwards.

Hopes that freight rates for containerised cargo had stabilised appear to have been dashed after Neptune Orient Lines disclosed another considerable lurch downwards.

Hopes that freight rates for containerised cargo had stabilised appear to have been dashed after Neptune Orient Lines disclosed another considerable lurch downwards.

The latest decline reflects both cheaper core rates and lower bunker recovery.

The Singapore line"s operational update, covering the four weeks to June 26, show that average revenue per 40 ft container fell to $2,190. That represents a drop of 29% on the year earlier level of $3,080, and was also well down on the previous period when the average was $2,326.

In the four weeks to May 29, rates had gained very slightly on the April figure, giving rise to speculation that the worst could be over.

Volumes also continue to contract, albeit at a slightly slower pace, with NOL reporting a 14% drop in the latest month to 172,200 feu.

Liftings had fallen by more than 20% year on year in each of the previous three months.

The 29% drop in average revenue per container was somewhat steeper than in the four weeks to end-May when the drop was 23%.

NOL said the latest volume decline reflected lower demand on nearly all major trade lanes.

In the year to date, average revenue per feu has fallen 20% to $2,375 compared with $2,972 in the corresponding period of 2008, while cargo volumes were 24% less at 970,600 feu.

www.TurkishMaritime.com.tr

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