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Demand for marine container transport will decrease in 2023, Mizuho Bank's industry research department points out in a report it has compiled on ongoing supply and demand developments and short-term prospects in major industries, including global logistics.
The department estimates that marine container movement decreased 3.4% from the previous year in 2022. Containership spot rates have been on the delice since July 2021 due to the elimination of port congestion and weaker transport demand. In line with spot rate plunges, it sees that moves have been made in some yearly contract rates.
Mizuho Bank foresees that in 2023, container movement will go slow for the time being, particularly on the Asia-Europe and Asia-North America trade, due to decreasing consumption and normalizing demand, which has tremendously expanded since the second half of 2020. In 2023, it envisages a year-on-year contraction of 1.4% overall. Spot rates have returned to pre-pandemic levels, while yearly contract rates are projected to go down. As such, the bank anticipates that freight rates in general will be adjusted to those in 2019.
