▶︎ Falling demand and increasing supply due to new deliveries and lower congestion continue to dominate the picture. Freight rates continue to fall as they look for their landing spot.
▶︎ Long-term rates are now also coming down. But many shippers are reluctant to lock themselves in with their typical long-term contracts, wanting to benefit from further market drops.
▶︎ Record high capacity to be delivered in 2023 and 2024 will far outweigh any effects new environmental regulation will have on the available fleet, painting a picture of overcapacity as demand is not expected to grow in 2023.
▶︎ Slow global economic growth, the cost of living crisis and the Chinese zero-COVID policy have all contributed to falling volumes. The latter is now being rolled back, but with lower demand in consuming countries, there is little to support strong volume growth next year.
