The China-Asean tradelane has been suffering from overcapacity and a drop in freight rates due to an over-reaction from carriers to the Free Trade Agreement (FTA) struck between the two areas at the start of 2010. Young-il Son, head of Hyundai Merchant Marine (HMM), China, told CI: 'Carriers have since injected too much capacity, which is a problem. We (HMM) have shown more restraint due to the rates being too low.
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