It has not been smooth sailing for the shipping industry, and analysts are bracing for a “grumpy” 2024. That’s the outlook of Container xChange, an authority in the shipping industry, which recently released its second annual 2023 Shipping Industry Trends and Future of Shipping in 2024 report.
Supply-chain professionals from around the globe believe the shipping industry will grapple with persistently reduced demand and oversupply, potentially leading to fiercer competition, further reduced profits and possible market consolidation, according to the report.
Amid inflation, high interest rates and a shift in consumer spending patterns from goods to services, the cautious consumer spending that plagued 2023 is expected to extend into 2024. This could affect the demand for imported manufactured products and have implications for the container market. Geopolitical tensions, which plagued 2023, are also expected to spill into 2024. Conflicts in Ukraine, Taiwa