A slump in container rates is unavoidable, HSBC Global Research said, in a gloomy read of the market.

Shipping lines’ earnings will plunge by 80 percent in 2023 and 2024 as a down-cycle hits following two years of unprecedented rises in freight and charter rates.

Overcapacity will finally end the boom, according to Parash Jain, HSBC’s head of shipping and ports.