November 2023
“Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base. Since the summer, we have seen overcapacity across most regions triggering price drops and no noticeable uptick in ship recycling or idling.”
Situation in Key Markets
- Port congestion, vehicle terminal capacity shortages and driver delays are constraining Europe’s limited cargo handling capacity, reducing effective vessel capacity by 5% to 10% according to industry sources, said UPS.
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