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Without wanting to be too alarmist, there is the potential for IMO 2020 to inspire another major carrier bankruptcy and/or trigger more defensive M&A.

Spot container rates from Shanghai to Rotterdam clocked in at $1,312 per FEU as of April 18, down from $1,431 per FEU four weeks prior, and down from $1,656 per FEU eight weeks prior, but still up 14 percent year-over-year, according to data from Drewry's WCI.

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