Maersk Says Global Trade ‘Resilient’ Amid Economic Challenges

Maersk’s latest Asia Pacific Market Update paints a picture of resilient global trade despite economic challenges.

The report highlights a robust global economy with 2.6% projected GDP growth for 2024, driven by U.S. expansion and easing inflation. Both ocean and airfreight volumes have grown significantly compared to 2023, with expectations of continued momentum.

The update provides information on two recent situations affecting maritime logistics. In Bangladesh, the political situation is evolving, with rail freight operations resuming on August 12th, factories reopening, and ports remaining operational.

In China, the fire and explosion on the YM Mobility, which took place on August 9, 2024 at Ningbo Beilun Container Terminal Phase 3. While the fire has been extinguished and most operations have resumed, some Maersk services have been affected, with certain vessels omitting calls at Ningbo. While three berths have returned to normal operations, increased waiting times are expected.

In the ocean market, Maersk’s outlook for July 2024 paints a mixed scenario. Container shipping demand remains resilient with a 4.8% year-on-year growth from March to May 2024, driven by strong import demand in North America, Latin America, and Africa, along with robust Chinese exports.

On the supply side, Maersk highlights a significant increase in capacity, with nearly 1 million TEU added in Q2 2024. Despite this, the orderbook for new ships remains high, and low idling and recycling rates indicate active utilization of available supply. While container demand remains strong, increased supply and concerns about weakening manufacturing activity may pose challenges in the coming months.

Nevertheless, Maersk projects global container market volume growth of 4-6% for 2024.

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