Going to have to say this is likely more do to consolidation in the industry. the top 10 shipping companies control two thirds of the capacity so when others jo

Going to have to say this is likely more do to consolidation in the industry. the top 10 shipping companies control two thirds of the capacity so when others join forces allowing them to share capacity they no longer need their own ships or simply need less. Removing these ships saves money on crews, taxes, maintenance, and more. Throw in sharing capacity with other similar minded players and removing this excess capacity could raise rates. Of course the downside is less independent players mean shipping prices could rise for non competitive ports