Transpacific contract negotiations with shippers are taking longer as rates are expected to fall sharply, according to Yang Ming .

Most negotiations have not been completed, while contract rates are expected to fall by at least 50% from their level in 2021 and 2022, when freight rates soared to all-time highs on the back of Covid-19-related bottlenecks.

However, Yang Ming COO Chang Chao-feng said contract rates would still be slightly higher than spot levels, which had fallen to pre-pandemic lows.

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