Market fundamentals, such as supply and demand, which normally play a major role in determining freight rate trends, are unlikely to have been the only factor behind the dramatic freight rate increase from Asia to the Mediterranean on 6 June as, according to Drewry’s estimates, westbound ships are currently far from full. There was even talk of the G6 withdrawing its ABX service to the Black Sea in May, but that has since been changed.
Average utilisation of all vessels deployed in the tradelane during April was 87%, since when cargo growth has remained doubtful.