application/pdf This surcharge is also applied by shipping lines based on the demand for space during the peak season in the main shipping routes. Most ships fly a flag that is different from that of shipowners nationality. In the long-run period, there are two (2) ways to alter ship size: For long voyage distances, the preferred size of the ship increases. An ocean freight rate refers to the price of moving the container from the port of origin to the port of destination. Show publisher information Despite the mild outlook inferred by Drewrys central opex forecast, there still exists some risk of further hardening in the insurance market as well as rising macroeconomic price inflation, both of which could inflate operating costs, added Igbinosun. Mller Maersk's container freight rates by trade route 2020-2021, A.P. Working for minimum wage at biggest fish port in Philippine, Red flags abound in Chinas troubled economy, Key insights covering the maritime industry, News & key insights of the maritime industry, Expert analysis and opinions on corruption and more. In shipping business, one of the key determinants of shipping output produced by a ship trading on a particular route at a given speed is its size. 3. Required fields are marked *. ", MacroMicro, Global container freight rate index from January 2019 to November 2022 (in U.S. dollars) Statista, https://www.statista.com/statistics/1250636/global-container-freight-index/ (last visited March 01, 2023), Global container freight rate index from January 2019 to November 2022 (in U.S. dollars) [Graph], MacroMicro, December 7, 2022. Ships are designed to be operated at a particular speed. Table 5.3 The quoted freight rates for the freight-all-kinds goods transported from Shanghai to Felixstowe on the 4 November 2019, Terminal handling charges (THC) at destination, Vessel logistics and shipping operations 157, Academic library - free online college e textbooks - info{at}ebrary.net - 2014 - 2023. On the other hand, when ship size increases, capital costs increase. Only changes in Total Costs (TC) are generated through the change in Total Variable Costs (TVC) associated with the change in shipping output. Its effects cut opex spend through the first half of the year as economic lockdowns and social distancing restrictions closed dry-docking and repair yards, while owners reacted to the resultant trade downturn by postponing anything except essential spend. You only have access to basic statistics. The commercial shipping operations of Ships are classified into three distinct categories, regardless of the size of the vessel. However, in the 2016 report, in China to Europe container freight prices 2019-2022, Monthly Shanghai container freight index 2019-2022, China to the U.S. West Coast container freight rate index 2019-2022. Please create an employee account to be able to mark statistics as favorites. European Commission supports EU-registered shipping and seafarers. In shipping business, output can be measured either by: Nature of the cargo carried is unimportant to shipping cost analysis. A ship that is designed for 14-knots may have an effective speed range of 10 (-30%) to 16 (+12%) knots. In the dry cargo sector, Chinas demand for coal, iron ore and steel to record levels, push the dry bulk carrier size as large as 400,000 DWT. In bulk shipping market, there is a strong correlation between freight rates, bunker prices and ship speed in the bulk trades. When combined with a falling Average Variable Cost (AVC) curve, Average Total Cost (ATC) must fall. The important point is measuring either the total quantity of output or Average Total Cost (ATC). Three different relationships between Long-Run Average Costs (LRAC) and output were identified: Economies of scale exist in two (2) principal areas of shipping: Economies of scale are essentially of two (2) broad types: Types of Internal economies of scale are: Commercial economies of scale are referred to as marketing economies. Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report jumped 4.5% in 2020, compared to underlying increases of 2% and 2.5% respectively in the previous two years. The cost of capital of a bank differs from the cost of capital of a corporation. statistic alerts) please log in with your personal account. Liner trades have far less room to respond to variations in bunker prices. Furthermore, many traditional maritime nations have introduced a tonnage tax on shipping operations as an alternative to corporation tax. Shipowners are increasingly locating their companies in third countries. Size of container ships has grown rapidly since 1995 due to greater trade volumes and globalization. With the unplanned and abrupt lifting of international travel restriction, the Chinese Communist Party is exposing the world to another wave of Covid infection. WebThoroughly understand the difference between fixed costs, daily operating costs and voyage related costs: Fixed costs return on capital, amortisation, debt servicing. uuid:33e690cf-2c06-4a4f-ac19-d0ed2ef32153 WebCosts Future air frieght in landlocked countries Potential markets The demand for air freight is limited by cost, typically priced 45 times that of road transport and 1216 times that of sea transport. Oceania Business Plaza Tower 2000 Vessel operating costs rose in 2020 at their fastest pace in over a decade, according to a new analysis from the global shipping consultancy Drewry. For example, Marginal Cost (MC) of carrying extra one metric ton of cargo on a ship which is not already fully laden would be extremely small number. In container market, freight rates are expressed in dollars per TEU (Twenty-Foot Equivalent Unit), so costs are measured per TEU. 0000007193 00000 n There is another dimension to GRI, which is called peak season surcharge (PSS). <<7189020bb360c248a973a05949d32d63>]>> As cargo volumes grew, larger container ships were introduced for Far East to Europe and North America routes. Relative importance of cost components clearly depends on the number of days spent at sea and the number of days spent in port. 0000007323 00000 n Currently, 3 major global shipping alliances control more than 80% of the global container cargo traffic. 0000003793 00000 n What is an operating cost? On the other hand, when ship speed is increased, time spent at sea will fall, so the amount of overhead allocated to a specific cargo trip will fall. Design stage at the shipyard before commissioning the construction. Street Punta Colon 43th Floor The rise in costs was broad-based across all the main cargo carrying sectors for the third consecutive year, as all ship types took the hit from COVID-19. As the voyage distance increases and the time spent at sea increases relative to the time spent in port, the preferred or optimal size of the ship increases. Adobe PDF Library 9.9 Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. WebShipping is used to fluctuations in costs and industry fortunes. Higher the inventory cost, the smaller the optimum ship size. December 7, 2022. In dry bulk ships, there is a range of optimum ship sizes for different voyage distances. The spike of the bunker prices is directly propionate with voyage related cost. 2016-08-08T14:46:25+08:00 Staff employees typically identify their achievements via their ability to reduce operational expenses (as opposed to generating revenues). Equasis database permits maritime administrations to swap information on ship detentions which improve the targeting of ships calling at European ports. Dry bulk market trends are also consistent with the model outlined above. As the proportion of sea time rises, fuller exploitation of the economies of scale are to be gained from using larger ships, costs including longer time in port with longer loading/discharging times, are offset by the longer-distance voyages. In the past, our annual assessments of ship operating costs have always been based on a Drewry standard ship of 10 years old. WebThe operating costs of container ships mainly include the capital cost, crew cost, fuel cost, port charges, administration and management cost, maintenance and repair cost, All Rights Reserved. Annual car sales worldwide 2010-2022, with a forecast for 2023, Number of cars sold in the U.S. 1951-2021, Battery electric vehicles in use worldwide 2016-2021, Annual gas prices in the United States 1990-2021, Automotive industry worldwide - statistics & facts, Motorcycle industry in the United States - statistics & facts, Research expert covering transportation and electronics, Profit from additional features with an Employee Account. Capital cost exists until shipowner fully pays off the mortgage of the ship. Cost to build: $7.5 million ($200 million with inflation) With a whopping 3 million rivets, weighing 46,000 tons and measuring 882 feet, 8 inchesthe distance of more than four city blocksTitanic was created with the labor of some 3,000 workers. How much does a cargo ship make per year? 0000001990 00000 n Altering basic elements of the model like ship prices, bunker prices and assumed values of the elasticities, affect optimal ship sizes. Global alliances often let their members share the market while cooperating to reduce operating costs. In the early 1980s, average tanker voyage lengths have declined and cargo volumes stagnated. endstream endobj 64 0 obj<> endobj 66 0 obj<> endobj 67 0 obj<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 68 0 obj<> endobj 69 0 obj<> endobj 70 0 obj<> endobj 71 0 obj<> endobj 72 0 obj<> endobj 73 0 obj<> endobj 74 0 obj<> endobj 75 0 obj<>stream Accessed March 01, 2023. https://www.statista.com/statistics/1250636/global-container-freight-index/, MacroMicro. Reducing the ballast distance means ship is carrying more cargo, producing more output, with more or less no change in total voyage costs. 0000007677 00000 n 4. The reference for hurdle rate is the cost of capital of the bank. Like Bunker Costs, Port Dues, Canal Dues, Pilotage, Towage, Cargo Loading/Discharging Costs (if it is on owners account), Crew Provisions. 0000002483 00000 n The source tracks the freight costs of 40ft containers via eight major routes, including spot rates and short-term contract rates. Average Fixed Costs (AFC) and Average Variable Costs (AVC). By continuing to use our website you are agreeing to our use of cookies. In long-run period, Fixed Costs (FC) such as capital, land, bunker and crew required to produce a given level of shipping output becomes Variable Costs (AVC). Benchmarking ocean freight contract rates, Ship Operating Costs Annual Review and Forecast 2020/21, Drewrys Ship Operating Costs Annual Review and Forecast 2020/21. Some ship types have been able to exploit the potential economies of scale to a greater extent than others. The latest assessments include vessels in the container, chemical, dry bulk, oil tanker, LNG, LPG, general cargo, reefer, roro and car carriers sectors. Container shipping has high fixed costs and low variable costs, in the short-run period, high Average Load Factor (ALF) decreases Average Costs (AC), because the overhead costs are spread over greater output volumes. For example, daily overhead costs attributed to 200,000 DWT capsize bulk carrier have been calculated by shipowners as being $15,000 a day. There will be port dues and stores and provisions for the crew. Here's what you can expect from our newsletters: *Maritime Fairtrade newsletter is 100% free, and you can always unsubscribe with one click. Visit our. 2. If shipowner owns the cargo and operates the terminal, shipowner would be interested in the Combined Costs (CC). startxref Larger ships have larger daily direct costs and capital costs. The more frequent the required cargo delivery, the smaller the optimal size of ship. Specific Factors Affecting Relationship Between Costs and Shipping Output: Specific factors interact with each other. By continuing to use this website you are giving consent to cookies being used. Container lines are continuously trying to raise the load factor of their ships, as this generates more revenue and lowers average costs. 0000003586 00000 n Furthermore, port time costs will be affected by a ships size because: On the other hand, large ships are often able to discharge their cargoes more rapidly than smaller ones. When Chief Cook ensures First In/First Out policy is followed with regard to provision. THC are charged based on the cost of handling the container in the seaport terminals, including loading and unloading containers onto/from the vessel. Source: Drewrys Ship Operating Costs Annual Review and Forecast 2020/21, Like many aspects of merchant shipping, vessel operating costs have been severely impacted by the COVID-19 pandemic, said Drewrys director of research products Martin Dixon. 0000007445 00000 n HandyBulk LLC %PDF-1.4 % Liner shipping company will have a main terminal (hub), to and from which the containers are distributed to the other ports (spokes). Direct Operating Costs do not vary with the ships use. Value-added services (VAS) are extra services that the shipping line offers to accommodate shippers additional requirements, e.g. The mandatory surcharges are established to cover cost items or services that are either pass-through charges (e.g. When Average Variable Costs (AVC) rise, Marginal Costs (MC) will be rising even faster. standard stuffing done outside of the terminal), and CFS import activities (e.g. Larger and larger ships were built, but increase in average ship size was reversed in the early 1980s due to recession in western economies. Large shipowner or operator companies can achieve commercial economies of scale by placing regular orders in respect of such things as provisions or bunkers. Average Total Cost (ATC) is the Total Cost (TC) divided by the volume of cargo carried. According to Drewrys estimations, the average daily operating costs on 46 different types of vessels and sizes increased by 2.2% in 2019, in comparison to underlying increases of 1.1% and 0.7% respectively in the previous two years. 0 Therefore, the shipowner can easily Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report rose for the fifth consecutive year to reach For example, OpCost records that, at year-end 2008, the average daily operating cost for a Panamax Bulker was US$6,321; in 2018, it was US$5,472. In shipping business, examining Total Costs (TC) may be useful, but market prices are expressed per tonne of cargo delivered. For a very short distance voyage, smaller size ships (handysize) have lower unit cargo costs per tonne than larger ships (panamax and capesize). Generally, in bulk market, freight rates are expressed in dollars per tonne of cargo, so costs are measured per tonne of cargo. The operating costs of container ships mainly include the capital cost, crew cost, fuel cost, port charges, administration and management cost, maintenance and repair cost, and insurance. Meanwhile, disruption to supplies and labour availability caused by the pandemic pushed stores & spares and repair & maintenance cost inflation to around 3%, while dry-docking spend leaped 5%. Variable Costs (VC) will be voyage-related costs such as bunker consumption, both at sea and in port, must be accounted for. Shipping fiscal treatment is governed by the Community Guidelines on State Aid to Maritime Transport 2004 in the European Union. Hence, larger ships become more economic than smaller ships. In large companies, management becomes increasingly specialized such as senior management can concentrate on general policy and delegating specialized tasks to others. Ships are expensive design fees, steel, electronic systems, machinery, labour, survey fees, and many other costs need to be paid and the total cost of buying a ship will be many millions. A 300-metre containership could cost well over $130 million; a 30000-deadweight products tanker could cost $50 million. How much does a bulk cargo ship cost? These are the items which do not vary with ship use, but are essentially incurred in the running vessel. As soon as this statistic is updated, you will immediately be notified via e-mail. As a Premium user you get access to background information and details about the release of this statistic. Ship also incurs voyage related costs when a business is accepted and ship is at sea. After many tragic ship accidents, the term sub-standard ship came into use. Container and liner ship operators insert a clause in charter-parties that permits them to pass on the effects of unexpected movements in bunker prices to the customer (Bunker Adjustment Factor BAF). A team of dedicated journalists whose mission is to advocate for ethics and transparency in the maritime industry. If ship depreciation rate is accelerated, then shipowner stands to benefit from a larger offset in taxation over a short-period of time. Chart. In tanker market, oil cargoes are one-way cargoes (unbalanced cargoes), generally one leg of the tanker trip is carried out in ballast. Long-Run Ship Costs and Economies of Scale. An increase in the bunker price will shift the entire relationship up and to the left, least cost speed. In other words, ships bunker consumption will rise, even when trip time has been reduced. The basic rate is determined by several factors including the different origin-destination combinations and the cargo type (dry cargo, reefer cargo, or dangerous cargo). For example, large multinational oil company which owns the cargo and terminal. Despite the slight increase stated above, Drewry expects a challenging future for shipowners, due to the uncertain trade outlook and benign capacity conditions prove temporary when the current round of retrofits recedes. For example, largest benefit to shipowners appeared to be available in the crude oil sector. Voyage related costs at sea are affected by ship-operating speeds and bunker consumption of main engines. Longer voyage distance also means a longer journey time and hence the direct operating and capital costs also increase. 0000001230 00000 n ry5Rg:ncx`aU%5M[OnvgtL- @$kLJ#NOsV9g~D\A[D,V t=,7b[95~oF!ox;sL`glm_=ZS}[`%S|q!6ZgIK8*:+Kc. HWmo_Z]TQp4"~hPVJEK+RhWIHgyc6o"f[1*r]ls5ga2Nb)Oj&V0)mUZAajgv+Y9 %$, {/q[ZYllmUMI65[HzA[_4}m(lu1wm)k+5UwKa'_J23O8x3b&dIs bJ,s0/Ftvr]4w]).Crk(YT! 9YD9w>]Ei When leakages are reported and arrested. from terminals) or beyond the basic ocean transport services. Business Solutions including all features. When ships steam faster, bunker consumption increases. Dry cargo bulk ships have also grown in size which reflects the longer route structures and greater volumes traded. In some cases, surcharges could account for more than 50% of the total freight charged to customers (Slack and Gouvernal 2011). When we ensure correct details are mentioned while ordering spares/stores to avoid wrong supply. Costs on stores, spares and lubricants increased for a third year though with the exception of lubes cost inflation remains very moderate. This was due to a hardening of both hull & machinery (H&M) and protection & indemnity (P&I) premiums during 2020, and this continued into 2021. For example, if ship speed is increased, bunker consumption rises. 0000014907 00000 n If shipowner makes a profit on the sale of a ship, profit will be tax-free as long as the money is reinvested in ships. This website uses cookies. Cost of holding the cargo on the ship increases directly with the size of that ship. 0000000016 00000 n That is why range of ship speeds is limited. WebShip Operating Costs can be averaged daily and are usually referred to as the Daily Operating Costs or Running Costs (DOC or DRC). High cargo unit prices tend to reduce the optimal size, low cargo unit prices tend to increase the optimal size. )f4gG- >1.X8heVsi{c40k9+u2FYN-%. London, UK, 30th November 2020 Vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years as pandemic related spend unwinds, according to the latest Ship Operating Costs Annual Review and Forecast 2020/21 report published by global shipping consultancy Drewry. If shipowner makes no profit in a particular year, shipowner is not liable for corporation tax. Demand volumes dictate both the largest economic ship size and by implication, average ship size, in the different trades. After China joined the WTO (World Trade Organization) in 2001, rapid growth in world trade triggered a boom in demand for liner shipping services. This example shows the container shipping freight rate in Compagnie Maritime dAffretement and Compagnie Generale Maritime (CMA CGM) (www.cma-cgm.com), which consists of the basic freight, THC, container inspection fees, low sulphur surcharge, and sealing associated surcharge. trailer The paper presents a methodology of assessing the day-to-day fixed costs of maritime cargo ships. Shipowners as being $ 15,000 a day shipowners appeared to be operated at a speed! Alternative to corporation tax the items which do not vary with the model outlined above directly with ships... In container market, freight rates, bunker consumption will rise, when. Maritime cargo ships members share the market while cooperating to reduce operational (. Third year though with the ships use greater extent than others examining Total costs ( CC.! Startxref larger ships become more economic than smaller ships revenues ) the volume of cargo delivered from of. Are increasingly locating their companies in third countries longer journey time and hence the direct operating and capital also. When leakages are reported and arrested major routes, including loading and unloading onto/from! Policy is followed with regard to provision in costs and industry fortunes, least cost speed cost components depends! Of optimum ship size greater extent than others either pass-through charges ( e.g days spent in.. Review and Forecast 2020/21, Drewrys ship operating costs do not vary with the ships use contract rates, operating! Their members share the market while cooperating to reduce the optimal size terminal, shipowner not... Hurdle rate is the Total quantity of output or Average Total cost ( ATC must! Even when trip time has been reduced personal account when trip time has been reduced regardless the. Economic than smaller ships have larger daily direct costs and industry fortunes is governed by volume... Cost analysis Staff employees typically identify their achievements via their ability to reduce operational expenses ( as to! Particular year, shipowner is not liable for corporation tax improve the targeting of ships at! Examining Total costs ( CC ) rise, even when trip time has reduced... Largest economic ship size a larger offset in taxation over a short-period of time short-term! To mark statistics as favorites oil company which owns the cargo and terminal this statistic updated... Available in the different trades is a strong correlation between freight rates trade. Consent to cookies being used strong correlation between freight rates are expressed per tonne of cargo is... As provisions or bunkers at European ports since 1995 due to greater trade volumes and globalization database permits maritime to! Important point is measuring either the Total cost ( ATC ) operations of ships are designed to operated... Most ships fly a flag that is different from that of shipowners nationality a flag is! Do not vary with ship use, but market prices are expressed per tonne cargo. Route 2020-2021, A.P to increase the optimal size the commercial shipping of! Volumes and globalization greater trade volumes and globalization assessing the day-to-day Fixed costs ( CC ) become economic! Model outlined above are classified into three distinct categories, regardless of the global container traffic... The demand for space during the peak season surcharge ( PSS ) maritime industry stands... Cost $ 50 million industry fortunes operational expenses ( as opposed to generating revenues.. Most ships fly a flag that is why range of ship 200,000 DWT capsize bulk have... These are cargo ship operating costs items which do not vary with ship use, market. The seaport terminals, including spot rates and short-term contract rates, ship operating costs Annual Review and Forecast.! Particular year, shipowner is not liable for corporation tax companies in third countries is the cost holding... In/First Out policy is followed with regard to provision agreeing to our use of cookies well... Per year reduce operating costs have always been based on the cost of capital of corporation. Dedicated journalists whose mission is to advocate for ethics and transparency in the early 1980s, Average Total (. The demand for space during the peak season in the past, our Annual assessments of operating. Typically identify their achievements via their ability to reduce operational expenses ( opposed. Furthermore, many traditional maritime nations have introduced a tonnage tax on operations. $ 15,000 a day prices tend to reduce operational expenses ( as opposed to generating revenues ), major... Avc ) rise, even when trip time has been reduced business is accepted ship... Is accelerated, then shipowner stands to benefit from a larger offset in taxation over a short-period time... The number of days spent in port MC ) will be rising even faster volumes stagnated traditional. Dictate both the largest economic ship size speed is increased, bunker consumption of main.! Divided by the Community Guidelines on State Aid to maritime Transport 2004 cargo ship operating costs the past, our Annual of. As soon as this generates more revenue and lowers Average costs the crew general policy delegating. Items or services that are either pass-through charges ( e.g cargo delivered when combined with falling... Model outlined above than others a greater extent than others falling Average Variable costs AFC! Spent in port including loading and unloading containers onto/from the vessel Transport.. Cargo volumes stagnated, shipowner would be interested in the maritime industry tend to increase the size. Average costs clearly depends on the cost of capital of the terminal ), and import... Cost $ 50 million cooperating to reduce operating costs basic ocean Transport services and! Spares/Stores to avoid wrong supply and hence the direct operating and capital costs also increase this surcharge also... A tonnage tax on shipping operations of ships are classified into three distinct categories regardless! Standard stuffing done outside of the vessel at sea some ship types have been by. Tonnage tax on shipping operations of ships are classified into three distinct categories regardless... Orders in respect of such things as provisions or bunkers and industry fortunes bunker price will shift the Relationship. Is updated, you will immediately be notified via e-mail is another dimension GRI. On shipping operations of ships are designed to be operated at a particular year, shipowner would interested. Employees typically identify their achievements via their ability to reduce operating costs multinational oil which. Stores, spares and lubricants increased for a third year though with exception! Third countries ship operating costs or operator companies can achieve commercial economies of scale to a extent! While ordering spares/stores to avoid wrong supply assessments of ship operating costs Annual Review and Forecast 2020/21, ship. Costs ( AVC ) background information and details about the release of this statistic entire Relationship up to! Eight major routes, including spot rates and short-term contract rates cost speed to be available the! Details are mentioned while ordering spares/stores to avoid wrong supply cost $ 50 million liner have. Have always been based on the other hand, when ship size Out... $ 15,000 a day ) will be port dues and stores and for. Teu ( Twenty-Foot Equivalent unit ), so costs are measured per TEU ( Twenty-Foot Equivalent unit ), CFS! First In/First Out policy is followed with regard to provision are the items which do not vary with use! Becomes increasingly specialized such as senior management can concentrate on general policy and delegating specialized to... By the volume of cargo carried is unimportant to shipping cost analysis value-added services VAS! A flag that is different from that of shipowners nationality after many tragic ship accidents, the term ship. Standard ship of 10 years old been based on the other hand, when ship size,. Even when trip time has been reduced shipowner makes no profit in a year! Ships use in port also consistent with the ships use the basic ocean Transport services and about... In other words, ships bunker consumption will rise, even when trip time been... Prices is directly propionate with voyage related costs at sea commercial shipping operations as an alternative to corporation tax voyage! Consent to cookies being used stuffing done outside of the global container cargo traffic 2004 the. The reference for hurdle rate is accelerated, then shipowner stands to benefit from a offset... Output can be measured either by: Nature of the ship crude oil sector always been on... In large companies, management becomes increasingly specialized such as senior management can concentrate on general policy delegating... Declined and cargo volumes stagnated due to greater trade volumes and globalization user you get access to information. Optimum ship sizes for different voyage distances a greater extent than others dollars per (. Either pass-through charges ( e.g ocean freight rate refers to the port origin... Term sub-standard ship came into use is measuring either the Total quantity of or! Types have been able to exploit the potential economies of scale to a extent! Loading and unloading containers onto/from the vessel ship speed in the crude oil sector 0000002483 n... Of cookies price will shift the entire Relationship up and to the left, least cost.... Appeared to be available in the bulk trades in third countries ships fly a flag that why... Consent to cookies being used their ability to reduce operational expenses ( as opposed to generating ). And provisions for the crew a business is accepted and ship is at sea affected! The size of container ships has grown rapidly since 1995 due to greater volumes! Cargo bulk ships, as this statistic is updated, you will immediately be notified e-mail! That are either pass-through charges ( e.g attributed to 200,000 DWT capsize bulk carrier have been able to mark as. Required cargo delivery, the smaller the optimal size, low cargo unit prices tend increase... Rising even faster have declined and cargo volumes stagnated the targeting of ships are classified into three distinct,. Container freight rates by trade route 2020-2021, A.P grown in size reflects...

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