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Reefer market hits two-year high as scrapping cuts supply

Rates over the past 12 weeks have doubled to sustainable levels from last year’s record lows

Things have turned out better than expected for operators in the reefer sector, where a cocktail of factors have pushed up rates to sustainable levels.

Average spot and time-charter rates for the two main reefer classes of 260,000 cubic feet (cbf) and 470,000 cbf are trading at levels 40% higher than 12 months ago.

The figure follows a sharp rally over the past 12 weeks as a result of very strong demand in the frozen segment, which has seen rates double from last year’s record lows to more than $1 per cbf.

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