U.S.-based shippers should expect higher ocean contract rates in 2021, says Drewry

As we move closer to the end of the year, Drewry reaffirms its view that manufacturers and retailers should expect ocean contract freight rates on most routes to increase – not fall – in 2021, following major market changes since the COVID-19 outbreak. It is too early in the Q4 bid season to reach exact conclusions about 2021 rate changes. However, industry analysts say the signs are obvious in the spot market for ocean transportation that carriers have gained pricing power and are managing ship capacity to their advantage.
Source: logistics Mgmt