Global ocean freight volumes have returned to pre-Covid levels and are on track to grow 3.4% this year, according to new data and forecasts from Clarkson Research Services.
Shipping goods by sea
For 2022, the UK researcher forecasts ocean freight volumes to grow by 3.4% (3.9% by ton/mile), although growth trends across commodities will differ.
Not all commodities recovered to their pre-Covid levels, however, as the chart from Clarksons below shows. One of the important commodities that still needs a long time to return to its pre-pandemic levels is crude oil. According to Poten & Partner, demand for this item fell by 5.3% last year compared to 2020.
Chart from Clarksons
The tanker market has been in the doldrums in 2021. In its latest weekly report, Poten explained the situation as a result from the drop in demand while the vessel numbers is still growing.
“This trend needs to be reversed, preferably, by having both the demand and vessel numbers rising and falling at the same time to increase opportunities for owners of crude oil tankers,” Poten suggested.
Source: Splash247