Costs, congestion and geopolitical tensions
Rising transport costs and their impact on world economies
Transportation costs around the world have seen dramatic growth during 2024, bringing new challenges to global trade and economies. Disruptions on key shipping routes such as the Red Sea, Suez Canal and Panama Canal have caused shipping prices to rise sharply. This has had a particular impact on small island states and least developed countries, which are the most dependent on shipping. Freight rates on the Shanghai-West Africa and Shanghai-South America routes have increased by more than 100%, with a significant impact on final consumer prices.
Port congestion and rerouting
Another problem facing global shipping is port congestion and rerouting. For example, due to low water levels in the Panama Canal, ships have had to be diverted to longer routes, which has increased fuel consumption and insurance costs. The situation has been exacerbated by climate change and geopolitical tensions, which have reduced capacity on some key routes. These factors have not only increased shipping costs but also slowed down delivery times, which has had a negative impact on global supply chains.
Economic risk and rising prices
Rising transport costs have also brought risks to global economic stability. They are expected to increase global consumer prices by 0.6% by 2025, with up to 0.9% for vulnerable economies such as small island states. The most affected are processed food prices, which could rise by up to 1.3%, threatening food security in these regions.
Transition to digital platforms and new technologies
To meet these challenges, many shipping companies are investing in digital technology and automation. Platforms such as Freightos have seen an increase in the number of shippers using digital methods, enabling better capacity management and route optimisation. While these technologies represent a positive step forward, they still face obstacles such as high upfront investments and the need for global standardisation.
Sustainable solutions and the need for international cooperation
To mitigate these challenges, it is essential to invest in sustainable solutions such as low-carbon transport and the modernisation of port infrastructure. International cooperation will be key to reduce volatility in transport markets, especially in times of disruption caused by climate change or geopolitical events. Organisations such as UNCTAD are calling for coordinated action to stabilise shipping markets and support vulnerable economies.
Looking ahead: customisation and resilience
While 2024 brought many challenges for global shipping, it also demonstrated the need for adaptation and resilience in this sector. Investing in infrastructure, diversifying trade routes and promoting sustainable solutions could bring greater efficiency and stability. Without these measures, however, the sector will remain vulnerable to future crises and geopolitical risks.
Czech Republic, Písek 
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