Historic increase in demand for shipping containers in 2024
Year 2024 brings record demand for container transport, which has reached unprecedented levels. Global container shipping capacity is significantly affected by severe port congestions, leading to an enormous increase in demand for ocean vessels. In May 2024, a total of 15.94 million TEU (twenty-foot equivalent units) were delivered by sea, surpassing the previous record set in May 2021.
Factors Influencing the Increase in Demand
The main factors contributing to this unprecedented increase in demand are port congestion, supply chain disruptions, economic recovery, and the e-commerce boom. Major ports like Los Angeles, Shanghai, and Rotterdam are experiencing severe congestion. The average waiting time for ships to unload has increased by 20%.
Impact on Shipping Costs
The rising demand for containers has led to a significant increase in shipping costs. The average price of shipping a 40-foot container has more than tripled compared to pre-pandemic levels. The cost of shipping a container from China to the West Coast of the USA reached $8,000 in May 2024.
Industry Responses to Challenges
The container shipping industry is responding to these challenges by investing in larger vessels, modernizing port infrastructure, and implementing technological innovations. Companies like Maersk have ordered a fleet of mega-ships to improve capacity and reduce costs per unit of transport.
Impending Strike in the USA and Its Consequences
Additionally, a strike by dockworkers at East Coast ports in the USA is expected, which could immediately disrupt the flow of goods in the country. Ports like New York/New Jersey, Houston, and Savannah could be severely affected, leading to a shift of cargo to the West Coast.
Future Outlook
Despite current challenges, container shipping remains positive. The International Maritime Organization (IMO) predicts that global maritime trade will grow by 3.4% annually over the next five years.
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