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The situation of the global shipping trade gives no sign of positive improvement.

Chronic congestion in Asia, particularly at Southern China ports, in the US and Europe will force rates even higher and will most likely lead to shortages of low-value goods no longer viable to transport, according to a senior European banker.

Growth of rates is unlikely to slow until 2023 or 2024, when the new vessel orders are expected to be delivered.

We invite you to  read  the the analysis carried out on this subject by Bloomberg and Loadstar : you will get a broad picture of the whole situation.

Recent marine mishaps (i.e. containerships that caught fire  and the vessel whose grounding  halted the Suez  Canal for more than a week – the Ever Given has been blocked there since March 23rd  with more than 15’000 fully loaded containers on board and will resume its voyage only on July 7th!- must draw  everyone’s attention on the advisability of  insurance coverage “all risks”, whatever is the value and pecularity of the consignment shipped: as a matter of fact the owners of these vessels declared “General Average” which is a principle of the maritime law that essentially establishes that all stakeholders (owners, shippers, etc.) evenly share any damage or loss that may occur in an emergency; owners of non insured consignments will be requested of a money deposit or bank guarantee before the release of their goods.

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