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20.
The pace of decline is accelerating, from below $5,000 in early October to an 11%
month-on-month decline in the first two weeks of December.
month-on-month decline in the first two weeks of December.
Peter Sand, principal analyst at Xeneta, noted that spot rates have remained largely stable for most of 2021 and 2022, hovering around $5,000, however, weak demand, declining production, and supply chains are moving away from congestion (overall production reduction) are putting real downward pressure
on prices.
on prices.
He noted that from a steady start in the first quarter, demand was decreasing for the rest of the year, culminating in a 19.
5% year-over-year decline in shipments, with an initial 36%
decline in demand in the first months of 2022.
5% year-over-year decline in shipments, with an initial 36%
decline in demand in the first months of 2022.
Peter Sand pointed out that as prices are falling across the market, reefer shipments from Northern Europe to China remain strong, with an average spot price of $2,185 for 40-inch reefers in 2019, indicating the current strength of reefer shipments, but also indicating that they have the potential
for further sharp declines.
for further sharp declines.
