Peak season for ocean freight is underway and DHL Global Forwarding says it’s too early to declare a softening in trade volumes and a decrease in congestion.
Both cancelled sailings reduce the number of ships available to transport freight and the tight supply of containers are two of the factors that can influence the increase in container prices.
Heading into Golden Week, the eight-day holiday in the first week of October in China, more sailings are expected to be cancelled as manufacturers will be shut down so less trade will move out of the ports.In 2023, Alebrand tells CNBC they are advising clients the next phase of the IMO program to reduce carbon emissions in maritime will take vessels out of rotation. This can put pressure on freight prices.
Global shipping accounts for about three percent of the world's annual carbon emissions. The industry has faced growing pressure to reduce its pollution and contribute to the international goal of net-zero carbon emissions by 2050. "Ocean carriers will have to put vessels into drydock to retrofit them with scrubbers to reduce sulfur emissions," said Alebrand."The Idle fleet is still at a historic low point. So I believe that's also an indicator that we can expect in the fourth quarter and in the first quarter next year, more idle capacity because vessels have to be retrofitted to meet the IMO 2023 standards.
"This is the only way for logistics managers to be ready to adapt as the situation is changing," said Alebrand."There's a lot of uncertainty in the market and you need to know what is driving the spot markets. We are cautioning right now people are looking at freight rates softening and believe this is now a turning point.
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