The global shipping industry is expected to achieve a more balanced supply and demand environment as it enters the fourth quarter of 2024, according to Maersk’s Asia Pacific Market Update for September.
Despite this positive outlook, the market remains fragile, with potential disruptions looming on the horizon.
“The industry global shipping market [is set] to see a more balanced supply and demand environment as we move into Q4,” the report states, while cautioning that “the overall situation is still fragile with potential disruptions from a looming U.S. port strike and the continued Red Sea situation”.
Global container volumes have shown robust growth, increasing by 6.6% year-over-year in Q2 2024. This growth has been primarily driven by strong imports to North America and Latin America, as well as continued exports from the Far East Asia region.
Despite progress, there remains challenges. The report highlights that “trade-specific and port-specific bottlenecks” are likely to continue, particularly in high-traffic regions. Ports on the U.S. East Coast and key transshipment hubs may face difficulties as they adapt to the evolving landscape.
Separately, Maersk announced in a customer advisory that significant terminal congestion in Mediterranean and Asian ports is causing substantial delays to vessel schedules. This congestion has led to extended waiting times at various ports, affecting the company’s ability to maintain regular schedules.
On the economic front, global growth has remained strong in the first half of 2024, with full-year growth expected to average around 2.7%. The U.S. economy is projected to grow by 2.5% in 2024, while Europe is gradually emerging from stagnation with a forecasted GDP growth of 0.8%.