Global demand for ocean freight container shipping hit an all-time record in May amid soaring spot rates and severe port congestion, according to data released by Xeneta and Container Trades Statistics.
In May, 15.94 million TEU were transported by ocean, surpassing the previous record of 15.72 million TEU from May 2021. Year-to-date volumes are just under 74 million TEU, a 7.5% increase compared with the first five months of 2023.
“More containerized goods are being shipped by ocean than ever before at a time when available capacity is impacted by diversions around Africa due to conflict in the Red Sea and severe port congestion in Asia and Europe,” said Emily Stausbøll, Xeneta Senior Shipping Analyst. “This is a perfect storm of pressure on ocean supply chains which has resulted in the chaos of recent months.”
Read more in an article from gCaptain.