Container Rates Stall as Capacity Glut Offsets Hormuz Shock
Container spot freight rates on the main east-west trades largely flatlined this week as excess capacity and uneven demand failed to further spur recent pricing increases by carriers.

Maersk notes that on August 29th, the fire originated in a container at the bottom of a stack before spreading to a second container.
Tugs soon came to support the onboard fire-fighting efforts, but the flames eventually spread as unfavorable weather conditions prevented these tugs from getting close enough to have maximum effect.
Since Saturday, Maersk notes weather conditions have improved resulting in more effective fire-fighting support from the tugs, while keeping the fire contained to the two foremost bays. Maersk adds, “the fire fighting team on board is also now well into the process of extinguishing the fire inside containers by cutting open the hot containers as well as those nearby and flooding them with water. To speed up this process, an additional fire fighting team will come aboard this evening.”
Although fire still burns inside six containers, the extent of the damage is likely far more extensive.
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