The container party showed clear signs of coming to a close finally. After a couple of record years of earnings, spot rates have been sliding in dramatic fashion in recent months, with contract and charter rates now following. Shippers have started to renegotiate their contracts, while the first boxship newbuild contract cancellations have surfaced, sure signs of a market in retreat.

Mediterranean Shipping Co (MSC), the world’s largest containerline, has joined its peers at the t...