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Vessel operating cost inflation has slowed this year as some Covid-19 related expenses unwound and high vessel earnings encouraged some owners to postpone non-essential maintenance work.
Reefer container freight rates have risen sharply through 2021, but in contrast to dry cargo rates, are forecast to rise further in 2022, driven by catch up on North-South routes, according to Drewry’s recently published report.
Prices of dry freight shipping containers have doubled over the past year to reach historic highs but will moderate over the next few years, according Drewry’s recently published Container Census & Leasing Annual Review and Forecast 2021/22 report.
The diminishing attractiveness of a career at sea, coupled with rising man-berth ratios and continued fleet growth will lead to the highest shortfall of officers to crew the world’s merchant fleet in over a decade by 2026.
Reefer container freight rates have risen sharply this year but remain far outgunned by the inexorable rise in dry box pricing, according to Drewry’s newly launched Reefer Shipping Forecaster report.
The new service, which will be marketed under Drewry’s existing e-Sourcing Ocean Freight Solution (eSOFS™) brand, provides shippers with a more effective, broader and scalable approach to managing complex sourcing events.
Vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years as pandemic related spend unwinds, according to Drewry.
The pace of container port capacity expansion is forecast to contract at least 40% over the next five years in the wake of the COVID-19 induced slowdown in port throughput, according to Drewry.
The current officer shortfall to crew the global merchant fleet is forecast to widen, despite the dampening effect of Covid-19.