Ports and Shipping - Record cuts in container shipping costs in 2023.

Byline: S. KAMAL HAYDER KAZMI

As many shippers/BCOs conclude their annual tender negotiations for new transpacific contracts commencing 1 May, it is becoming clear that contracts rates this year in the transpacific and Asia-Europe will give exporters and importers a cut in shipping cost of 55 percent to 85 percent in most cases, when compared with 2022 costs.

This is not a printing error - as shippers (and Drewry bid experts) involved in large ocean bids know. This is the largest year-on-year reduction in...