The world’s largest container shipping company Maersk expects tight market conditions in maritime transport to continue until the fourth quarter of 2021. When commenting on its trading performance, the company said that “the continued strong performance is mainly driven by the continuation of the exceptional market situation with surging demand leading to bottlenecks in the supply chain and equipment (containers) shortage.”
The Danish company noted that its average freight rates increased by 35 percent in the first quarter compared to the previous year. It added that the “exceptional market situation” is expected to continue ”well into the fourth quarter of 2021.”
Maersk pointed out that global demand for container shipments is now expected to grow by 5-7 percent in 2021 compared with a previous forecast of 3-5 percent, primarily driven by the exports from China to the U.S.