Shipping & Logistics

Maersk suspends another transpacific loop as shipping rates fall 80% from last year

Freight rates are more than 80 percent lower than a year ago, prompting shipping companies to pare back.

The 4,132-teu JPO Libra (built 2005) is one of around a dozen traditional panamax boxships operating in a transpacific service that Maersk is suspending.
The 4,132-teu JPO Libra (built 2005) is one of around a dozen traditional panamax boxships operating in a transpacific service that Maersk is suspending.Photo: Schiffahrtsgesellschaft Oltmann
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Published 15 February 2023, 17:02Updated 15 February 2023, 17:44