The container shortage that disrupted the shipping industry following the Covid-19 lockdown is gradually easing. Rates remain high..
The widespread shortage of containers that disrupted the global supply chain at the onset of the Covid-19 crisis is now easing as production resumes and several backlogged shipments are being shipped, according to a briefing note published on July 13, 2022 by the firm Drewry.
The firm, which specializes in maritime studies, explains that the global container fleet is currently experiencing a surplus of nearly 6 tons. More generally, the global pool of maritime containers has increased by 13% to reach nearly 50 million TEU (or TEU). This represents three times the growth curve that had been previously noted.
The surplus of containers in the global fleet is explained, according to Drewry, by the fact that leasing companies and shipping lines have ordered a record number of containers, while retiring fewer aging units.
The production of new container units is mainly driven by the strong order of ships over the last two years. American Shipper, in a report published on June 27, 2022, had indicated that the total capacity of ships on order now exceeds 7 million units.
“The delivery schedule for the new vessels is very strong with slot capacity expected to increase by 3,6 million TEU in 2023 and over 3,9 million TEU in 2024,” said John Fossey, container equipment research manager at Drewry.
Despite this availability of containers, shippers should not expect a reduction in current freight rates or the cost of ocean shipping. Several factors, including the problem of congestion in the global port chain, continue to put pressure on ports.
Shipowners also find it more interesting and some of them, forming a maritime conference (shipowners' cartel), could prefer empty crossings to support spot transport prices (applied for immediate deliveries), Drewry indicates in another report published on June 30.
In 2021, profits made by shipping companies rose beyond the $100 billion forecast announced earlier to cross the $150 billion mark, according to a publication by the American media Bloomberg.
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