Global shipping giant Maersk said weak economic growth could lead to a 2.5% drop in international container traffic this year. As a result, freight and service charges have skyrocketed over the past two years, generating record profits for Maersk and other shipping giants.
But now, as international supply chain congestion eases and demand falls, all industries are busy clearing stocks and the shipping market returned to normal in the fourth quarter of last year.
Currently, the industry focuses on adjusting the inventory. In the first half of the year, when the demand starts to stabilize, the stock regulation will be completed.
As a result, Maersk predicted that global GDP growth will slow this year and the worldwide shipping container market growth rate will fall between -2.5% and +0.5%.
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