DHL – Ocean Freight Market Update, June 2024

The ocean freight market is experiencing a surge in demand that has led to a shortage of containers and capacity, despite new deliveries increasing nominal capacity. Container shortage in Asia is particularly severe, with all new boxes fully booked until August. The capacity shortage is expected to last until October. Rates to Europe are rising, with congestion in ports like Dubai and Singapore causing delays. Demand for containers is growing steadily, with an 8% year-on-year growth in Q4 2023 and continued growth in the first quarter of 2024. Accenture Cargo predicts a reasonable 5% growth in the first half of 2024. Carriers' earnings have improved from losses in Q4 2023, but year-on-year earnings are still down.