According to a recent container trade statistics report, global demand for ocean freight container traffic has recently hit record levels, even surpassing the high demand levels that followed the pandemic.
The report, shared in The Loadstar, revealed that 15.94 million TEU were shipped by ocean freight in May, which was higher than the previous record of 15.72 million moved in May 2021 – the height of post-pandemic demand.
Asia origin business was unsurprisingly the biggest driver in the demand rise, with Chinese exports recording an all-time high of 6.2m teu in the month – a massive 39% of global container trade.
Higher demand is coming at a time when Asia supply is under severe pressure. Longer transit times, due to the Red Sea crisis, have led to a shortage of vessels and capacity before we even reached this year’s traditional peak season period.
Some industry experts believe the peak season has moved forward this year due to importers fearing disruption later. Many retailers, in particular, are understood to have been ordering earlier to avoid delays during the peak sales periods of Black Friday and Christmas.
Major challenges for space and capacity are currently expected to continue through to at least Golden Week in early October. However, if the peak season has indeed come early this year, then there’s perhaps a glimmer of hope that market conditions could improve a little earlier.
As ever, the team at Westbound are monitoring developments closely.
If you have any questions regarding the above, then Westbound are here to help. So, please do not hesitate to contact us.
