Liner operators enjoyed record freight rates as Covid-19 created unprecedented supply-chain disruption and consumer goods demand that caused overwhelming congestion at ports worldwide.
But this 18-month era of rates gone wild has come quietly to an end, Vespucci Maritime chief executive Lars Jensen said, as port congestion clears and consumer demand wanes amid high inflation.
“All in all, the underlying structural data in the market clearly support the notion that there is no longer a global physical shortage of vessel capacity, and as such, there is no support for the historically high rates,” he said in a report.
