Wednesday 26 October 2022

Visy's global ocean freight market update

1 minute read

Here are the key trends taking shape in global ocean freight:

1. Global freight rates reduced drastically, to more sustainable levels, but remain significantly above pre-covid levels

2. Low demand and large influx of new tonnage/capacity (mid-2023) will continue to put downward pressure on rates

3. To counter, Carriers may resort to rationalise services, slow-steam, or postpone new tonnage/capacity deployment

4. Port and landside operations in key regions impacted by industrial strikes and labour shortages

5. 2023-24 contract negotiation heading to a mixed model arrangement

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