Global container rates stabilise amid supply chain shift

31 Aug 2023 CW Team

Vikash Agarwal, the Managing Director for South Asia at Maersk, a global shipping and logistics company, has indicated that international container rates are anticipated to stabilise in the near future. This follows a significant decline earlier this year after a steep drop. Agarwal attributed the challenges in global trade to weakening economies and inflationary pressures. However, he noted a concerted effort to enhance risk management by expanding supply chains.

Agarwal remarked, "The current market shows a subdued state due to reduced demand. Western economies are experiencing difficulties, and many customers are aiming to diversify their supply chains to mitigate risks."

He emphasised the post-Covid landscape as an opportunity for consumers to reconsider supply chains and future sourcing. He anticipated substantial adjustments in this regard, suggesting a shift in favour of countries like India, Vietnam, and African nations over time.

Agarwal explained that this transition would occur gradually, with its effects becoming evident over the next decade.

Regarding global container rates, Agarwal acknowledged a significant drop from the peak levels witnessed during the pandemic. He highlighted that the industry faced concerns during the first half of the current year.

Despite this, Agarwal expressed optimism about a revival in demand and a halt to further declines in container rates. He anticipated a trend of stability and slight rate improvements in the second half of the year, as restocking activities occur.

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