THE Drewry World Container Index fell below the US$2,000 per FEU for the first time since July 30, 2020.

Joining the trend was the Baltic index that logged its sixth straight weekly fall in Dry Bulk Market.

The composite global spot box index stood at $1,997.22 per FEU, having peaked back in September 2021 at more than $10,300.

While much has been written about the declining spot rate environment, there is also now a record-breaking fall in long-term rates, according to Xeneta, a freight rate benchmarking platform.

Average long-term contracted rates dropped by 13.3 per cent in January, Xeneta reported.

Said Xeneta CEO Patrik Berglund: "Global demand has fallen away, congestion has eased, equipment is available, and the macro-economic and geopolitical situations are complex."

Liner shipping will make just five per cent of 2022's mega profits, and up to 25 per cent of the massive container orderbook will likely be postponed, he said.

Maersk has warned it was expecting 2023 net profit to slide by 93.5 per cent year on year. Hapag-Lloyd and Ocean Network Express (ONE) have also highlighted its changed fortunes.

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth straight week as demand for the panamax segment remained weak.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 10 points, or 1.7 per cent, at 602.