Freight rates have dropped by almost a third since spring as new vessels enter service and demand steadies.
People close to the story said the coming days would be decisive. Several of those interviewed asked not to be named because they were not authorised to speak publicly, but all described a mood that had shifted noticeably in recent weeks.
The details matter. Early figures are often revised, and those involved cautioned against reading too much into a single week. Still, the direction of travel is clearer than it has been for some time.
What happens next
The next steps are expected to be set out over the coming weeks, with a fuller picture likely by the end of the month. Until then, much depends on decisions that have not yet been made.
We have waited a long time for this moment, and we intend to get it right.
A person involved in the process
For readers following the story, the key questions remain who pays, who benefits and how quickly any change will be felt on the ground. We will keep updating this report as more becomes known.
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