Container freight rates from Asia to Europe have plunged by more than 40 percent to pre-pandemic levels or below, suggesting that a price war being fought in the transpacific is spreading to the world’s largest container trade.
Shipping Terms Glossary
- Reefer: Refrigerated container
- teu: 20-foot equivalent unit used to measure container sizes
- feu: 40-foot equivalent unit used to measure container sizes
- Blank sailing: This could mean a vessel is skipping one port, or that the entire string is canceled.
- Panamax vessel: The maximum size of a ship that can transit the Panama Canal, ranging in length between 200 and 250 meters (650 and 820 feet) wth capacities of 50,000 to 80,000 dry weight tonnage.