- Global shipping is expected to achieve a more balanced supply-demand environment by Q4 2024, but challenges persist.
- Potential disruptions from U.S. port strikes and the Red Sea situation could impact global shipping.
- Strong growth in global container volumes continues, though bottlenecks and congestion remain an issue in key regions.
According to Maersk’s Asia Pacific Market Update for September, the global shipping industry is projected to achieve a more balanced supply-demand environment as it enters Q4 2024. However, the market remains fragile, with potential disruptions on the horizon, reports gCaptain.
Growth in Global Container Volumes
The report warns of potential challenges ahead, including a looming U.S. port strike and ongoing geopolitical tensions in the Red Sea. “The overall situation is still fragile,” the report cautions, despite the optimistic outlook for Q4.
Global container volumes saw a robust year-over-year growth of 6.6% in Q2 2024. This growth has been driven by strong imports into North and Latin America and continued exports from the Far East Asia region.
Persistent Challenges
Despite the growth, the report highlights ongoing challenges, particularly in “trade-specific and port-specific bottlenecks” in high-traffic regions. U.S. East Coast ports and key transshipment hubs may continue to experience difficulties adapting to evolving market conditions.
In a separate advisory, Maersk announced significant terminal congestion in Mediterranean and Asian ports, resulting in substantial delays to vessel schedules. Extended waiting times at various ports are affecting the company’s ability to maintain regular schedules.
Global Economic Outlook Remains Strong
On the economic front, global growth in 2024 has remained strong, with full-year growth expected to average around 2.7%.
The U.S. economy is projected to grow by 2.5%, while Europe is gradually recovering from stagnation, with a forecasted GDP growth of 0.8%.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: gCaptain
