GLOBAL DEMAND:
Global demand is now down by 2.8% year-on-year, it is the 4th month of consecutive decline. In the next months we expect annualized global demand to be below 2019 levels.
CAPACITY:
Ocean carriers are opting to a more aggressive blanking strategy to manage a dip in demand. Moreover, carriers are increasing the trend to divert vessels to “more profitable” routes, leaving some
network trades as “ghost” services – without a ship assigned.
PORT CONGESTION:
North Asia, North America and North Europe saw increased disruptions. Based on several sources, port congestion in July absorbed about 13% of total capacity, up 1.6% compared to June. Port congestion in North America shifted from USWC to USEC ports. North European ports are also showing critical situations.