Ocean freight rates may keep sinking.
Economic Times (New Delhi, India), July, 2006
Jul. 16--KOLKATA, India -- Fall in ocean freight rates are expected to continue unabated at least for the next one year. "Freight rates for certain destinations including the far east have declined by as much as 50 percent in the last one year. For the US and the UK, rates have declined by about 25 percent on an average.
The massive overhang of new building tonnage due to come into service is likely to create over capacity once again leading to further decline in freight rates, at least for the next one year," JS Chopra, chairman, Calcutta Freight Broker's Association (CFBA) said on Friday. He was talking to newsmen at the CFBA's 68th annual general meeting.
Earlier in the day, Mr Chopra said, "Tough competition amongst the shipping lines has led to...
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