Global maritime transport costs soared last year amid unprecedented disruptions to major shipping routes, port congestion and rising operating costs, according to a report by the United Nations Conference on Trade and Development (UNCTAD), gmk.center reports.
Maritime trade grew by 2.4% to 12.3 million tonnes. However, the outlook remains uncertain. UNCTAD forecasts a 2% annual growth rate, driven by demand for commodities such as iron ore, coal and grain, as well as containerised cargo.
Traffic through the Panama and Suez Canals fell by about half from their peak levels by mid-2024. This was due to low water levels in the Panama Canal and the security crisis in the Red Sea region, which affected the Suez Canal.
Maritime trade has seen an increase in cargo re-routing around the Cape of Good Hope. Longer routes have led to higher port congestion, excessive fuel consumption and insurance premiums, etc. By mid-2024, the rerouting of ships from the Red Sea and the Panama Canal has increased global demand for ships by 3%, and demand for container ships by 12% compared to what it would have been without taking this factor into account. This has created significant pressure on global logistics.
UNCTAD notes that urgent action is needed to stabilize freight markets – monitoring trends, strengthening international cooperation to reduce disruptions at key points, investing in port and infrastructure modernization, diversifying shipping routes, etc.
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