The shipping industry continues to face a downward trend
amid various macroeconomic events such as weakening of demand and sales prospects in major western economies, port strikes in Europe, manufacturing shutdowns in China along the crucial Yangtze River commercial corridor, as a result of zero Covid policy, not to mention recent power cuts and drought.
These extraordinary market conditions are likely to continue in the short term along with the softening of ocean spot rates.
In today’s highly dynamic market, it is wise for shippers and BCOs to monitor any obstacles that may cause unexpected disruptions and delays; the latest concern being the strikes at the port of Liverpool which have been confirmed between September 19 and October 3, as well as the recently imposed lockdown measures in Shenzhen and Dalian. Depending on future developments, both measures could exacerbate the supply chain further.