UK freight forwarder Allseas Shipping Co is renegotiating an expensive container ship charter in the face of falling freight rates and volumes.

Ongoing talks focus on the 1,878-teu Allseas Pioneer (built 2003), which has been stuck in Rotterdam for nearly a month.

The Allseas Pioneer has been at port since 30 August. Allseas denies the vessel, which is owned by Maoming Huaxiang Shipping of China, has been arrested.