Container shipping is grappling with a complex set of challenges, including a nearly 2% YoY decline in volumes and plummeting freight rates, which reached 2019 levels in September and are expected to continue falling. Despite efforts to control supply growth, the fleet has grown 5% compared to 2022 and 19% compared to 2019. Average freight rates have fallen 56% YoY but remain 19% higher than in 2019, even though they reached 2019 levels in September 2023. However, key cost elements, such as fuel prices and chartering new ships, have not followed the decline in rates. The industry faces additional pressure as the fleet is expected to grow by 9% in 2024, making rate increases challenging.

SOURCE:GOOGLE