A following wind of exceptional strength is propelling the shipping industry. There will be little let up until next year, according to industry barometer Clarksons, which reported strong interim results on Monday.
Congestion is a big factor. The proportion of the world cargo fleet in port was up 7 percentage points to 38 per cent in July compared with the pre-pandemic average. That is unlikely to ease much until China relaxes its Covid-19 restrictions.
Clarksons, a FTSE 250 company and the world’s largest ship broker by headcount, said container rates have dropped just 5 per cent from April’s all-time record.
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