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Rates have soared for the shipment of the metal boxes, which carry 80% of goods

By Akanimo Sampson Contrary to expectations, the United Nations trade agency has reported a growth in the demand for container shipping during the COVID-19 pandemic, an indication that the sector bounced back quickly from an initial slowdown. United Nations Conference on Trade and Development (UNCTAD) policy brief says “changes in consumption and shopping patterns triggered by the pandemic, including a surge in electronic commerce, as well as lockdown measures, have in fact led to increased import demand for manufactured consumer goods, ​ ​ ​ a large part of which is moved in shipping...

Checks and balances on container rates In shipping there have been clear winners and loser in the global war against the Covid-19 pandemic. In the latter camp sit cruise ships and to some extent tankers, who have seen earnings spike from storage demands only to fall back as international oil demand waned. In prime position in the winners’ circle are container ships. Freight rates have climbed ever higher since the start of the pandemic and while they were starting to settle towards the end of the first quarter, the mishap with the Ever Given in the Suez Canal gave them a shot of adrenaline.

Maersk raises full-year guidance as it rides exceptional market April 27, 2021, by Jasmina Ovcina Industry heavyweight A.P. Møller – Mærsk A/S has lifted market guidance for the full year of 2021 citing an exceptional market situation in the container shipping sector. The company is now forecasting an underlying EBITDA in the range of $13-15bn from the previously guided $8.5-10.5bn and underlying EBIT in the range of $ 9-11bn against $4.3-6.3bn guided earlier. For the first quarter of 2021, Maersk reported an unaudited revenue of $12.4bn, an ...

Shipping during COVID-19: Why container freight rates have surged When the Ever Given megaship blocked traffic in the Suez Canal for almost a week in March, it triggered a new surge in container spot freight rates, which had finally started to settle from the all-time highs reached during the COVID-19 pandemic. Shipping rates are a major component of trade costs, so the new hike poses an additional challenge to the world economy as it struggles to recover from the worst global crisis since the Great Depression. “The Ever Given incident reminded the world just how much we rely on shipping,�...