Far East exports and imports to North and Latin America are leading the way.
The world’s second-largest ocean freight carrier anticipates that global demand for container shipping will remain robust into the fourth quarter, driven by strong imports to North and Latin America along with sustained high exports from the Far East. In a quarterly review released on Wednesday, Maersk projected a more balanced supply and demand scenario within the global shipping market, despite the disruptions in the Red Sea and a potential strike at U.S. East Coast ports.
The Danish carrier noted, “While we expect improvements, there will still be trade-specific and port-specific bottlenecks, especially in high-traffic areas, where congestion and delays may continue.” They highlighted that ports on the U.S. East Coast and major transshipment hubs could face challenges as they adapt to the changing dynamics.
According to Maersk, global container volumes increased by 6.6% year over year in the second quarter, with import growth of 10.5% to North America and 15.6% to Latin America, as reported by FBR research. Intra-Asia trade also gained traction, rising by 9.6%. Exports from the Far East were up by 8.6%, while outbound traffic from the U.S. and Europe was slower, at 2.4% and 0.4%, respectively.
Export-import data serve as essential indicators for predicting fluctuations in shipping rates and capacity in the near future. The ocean carrier industry is witnessing “elevated net deliveries” of new vessels, even as the order book declines. According to Maersk, using Alphaliner data, its orders for new ships represent 9% of its second-largest total fleet capacity, compared to market leader MSC at 20%, CMA CGM at 30%, Cosco at 20%, Hapag-Lloyd at 9%, Ocean Network Express at 31%, and Evergreen at 40%.
In July, the price of bunker fuel, based on Brent crude oil, increased by 4.4% compared to the same month in 2023, influenced by various geopolitical factors, strong demand, and reductions in production capacity.
