After a month of steady increases and forecasts of a recovery in the making, container freight rate indices softened last week.

Container line ONE did not include a full year forecast for 2023 in its 2022 results, saying the outlook for 2023 is extremely difficult to predict.

Spot container rates would seem to be turning a corner with key indexes starting to rise after the collapse seen over the previous year.

Spot and contract rates may be close to the bottom on most trades as signs of recovery emerge after months of plummeting rates.

Spot container freight rates have stabilised and HSBC Global Research notes sign of a recovery in its latest report.

Orient Overseas International (OOIL) reports a 57.8% drop in revenues for the first quarter of 2023 as the plunge in container freight rates takes its toll.

The major container lines recorded profits of $34.7bn in the fourth quarter 2022 and are on track for an 80% drop in 2023 profits.

Oslo-based analyst, Xeneta, expects shippers to hold the whip hand when this year’s long-term container contract negotiations gather pace through April and May.

Ocean Network Express (ONE) profits dropped by 50% in Q3 of FY22 compared the record reported in the previous quarter as the sharp drop in container spot rates took its toll.

Container spot freight rates registered a marginal increase at the start of the year, but now sit below the 10-year average according to Drewry.