State of the industry: A look at the global shipping crisis

State of the industry: A look at the global shipping crisis

Hillebrand offers advice for international shippers: 

  1. Increase inventories, anticipate and allow for longer lead times 
  1. Adapt to reduced container free times, expect higher per diems linked to delays and landside bottlenecks 
  1. Prioritize long term contracts and secure capacity 
  1. Consider air freight alternatives for urgent flows 

Was 2021 the worst of the shipping industry crisis?

Although 2021 was a year of strong demand and record low shipping service reliability, it was also a year of record rates and profits for ocean freight carriers. Although disruption remains very high with patchy regional demand, carriers deployed a record and uneven amount of capacity.

So where are we now in this continuing global shipping crisis, and is there a way through this congested worldwide pool of floating vessels?  

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Global container demand grew a steady 6.5% in 2021

After the first semester recorded a 14% YoY growth, demand certainly slowed down.  

Global shipping schedule reliability fell below 35% in 2021 and international freight shippers have faced unheard of operational disruption all year long. This disruption unfortunately shows little sign of easing in 2022 and has caused lead times to dramatically increase on most trades. 

Shipping lines are expected to collectively generate USD180bn in 2021

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