The freight rates along the transpacific routes are too high, you need to stop them increasing. One way or another. This is why last Friday the Chinese government authorities decided to urgently convene the top management of the 14 Chinese shipping companies operating on ocean trade routes to the US west coast
The Transport Minister asked carriers precise questions about the impact the Coronavirus has had on their business, blank sailings between July and October and the mechanism for setting spot rates on links between China and the USA.
The Minister asked shipping companies to take appropriate measures to curb the surge in freight rates along the trade routes and to provide detailed information on the savings generated through reducing both fuel prices and port tariffs.
However, those who attended the meeting stressed that no explicit requests would come from the Transport Ministry, and that the Government would not express its intention to intervene directly in the market. Cosco Shipping’s top management was also among those present. They announced their intention to cancel their blank sailings scheduled for October.
Translation by Giles Foster