Global maritime trade rose 2.4% in 2023 to 12.3 billion tons. According to the Review of Maritime Transport 2024 released by the United Nations Trade and Development (UNCTAD), shipping volumes are forecasted to grow 2% in 2024, with annual increases averaging 2.4% expected through 2029. However, the report warned that high freight costs and geopolitical disruptions continue to challenge shipping’s long-term recovery.

Container trade grew by 0.3% in 2023 but could increase by 3.5% in 2024 if the supply chain remains stable. UNCTAD reported a record 250,000 port calls by container ships in the latter half of 2023, driven by trade growth and longer routes. It pointed out that Asia, which handles 63% of global container volumes, faced congestion while disruptions through key routes like the Suez and Panama canals have pushed up ton-miles by 4.2%.

Rerouting, port congestion, and rising operational costs have kept the pressure on freight rates. By mid-2024, the Shanghai Containerized Freight Index (SCFI) more than doubled from 2023 levels. If rate pressures remain elevated, UNCTAD said global consumer prices could rise 0.6% by 2025.

Major ports saw wait times double in 2023 due to record ship calls and rerouted vessels. However, technology like blockchain and AI helped Asian ports reduce delays and improve tracking and transshipment speeds. The global fleet expanded 3.4% in 2023 with 95% of the world’s new vessels produced by China, Japan, and South Korea.

Source: American Shipper