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Maersk, the world's largest container shipping company, has announced the withdrawal of its TP20 service due to mounting congestion and rising spot rates on shipping routes. This decision comes as nearly 70% of shippers and forwarders with long-term ocean contracts have experienced containers being rolled or pushed to the spot market. The Asia-North Europe trade has been identified as the poorest earner for carriers, despite the high prices paid by shippers on certain routes. The transpacific markets are also experiencing surging rates, with carriers earning $0.53 per nm/teu on the Shanghai to Los Angeles route. This news comes as a blow to shippers and forwarders, as they struggle to secure capacity and equipment.
