19 July 2019

Container shipping firms drop price-hike plans, paper says

Several Chinese container shipping firms have canceled plans to hike their freight rates this month, National Business Daily reported Thursday, citing business insiders. Demand is weak as many exporters haven’t resumed production after the Lunar New Year holiday, a source was quoted as saying. Meanwhile, supply has increased, adding to the pressure on the industry. China Shipping Container Lines Co. Ltd. (601866.CN) and Orient Overseas (International) Ltd.’s (00316.HK) container shipping arm are among those that are said to have abandoned plans to raise their shipping charges.

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