Reefer freight rates have fallen to their lowest level on record, requiring an urgent fix in the form of laying up around one-quarter of the fleet, according to a leading broker.

Conventional reefer rates have declined by more than 60% over 12 months due to a “perfect storm” requiring a collective response from all players to correct “a very damaging downward spiral”, says Seafield, the reefer desk of Irish Shipbrokers (ISB).

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