DREWRY Shipping Consultants senior analyst Elanor Hadland described the industry as having been on a rollercoaster since the 2008 currency crisis, noting that the past five years have been especially turbulent, reports UK's Seatrade Maritime News.
'Growth in the two to three per cent range is the new normal, using the current economic situation, but as soon as something happens the forecasts will change,' said Ms Hadland.
Until 2008, the industry enjoyed double-digit growth, but since the pandemic, five-year rolling volume growth has slowed to just 1.8 per cent, with volatility reaching levels not seen in years.
In response, shippers have been working to mitigate the impact of recent major supply chain disruptions and to prepare for the next potential challenge: a possible US east coast strike set for October 1, should a new contract not be reached by then.
The ongoing disruptions from Red Sea diversions due to the Middle East conflict have led to cargo being rerouted thousands of miles around the Cape of Good Hope.
This has absorbed significant surplus capacity, driven up freight rates, and initially caused congestion.
SeaNews Turkey
'Growth in the two to three per cent range is the new normal, using the current economic situation, but as soon as something happens the forecasts will change,' said Ms Hadland.
Until 2008, the industry enjoyed double-digit growth, but since the pandemic, five-year rolling volume growth has slowed to just 1.8 per cent, with volatility reaching levels not seen in years.
In response, shippers have been working to mitigate the impact of recent major supply chain disruptions and to prepare for the next potential challenge: a possible US east coast strike set for October 1, should a new contract not be reached by then.
The ongoing disruptions from Red Sea diversions due to the Middle East conflict have led to cargo being rerouted thousands of miles around the Cape of Good Hope.
This has absorbed significant surplus capacity, driven up freight rates, and initially caused congestion.
SeaNews Turkey
