BAROMETER. After suffering a fall in January, ocean freight rates stabilised in February, as demand was maintained by fears of additional customs tariffs in the United States.
Major developments
- Suez Canal the key issue in 2025
After Maersk's publication of sparkling 2024 financial results, chief executive Vincent Clerc was cautious about the prospects for an early, large-scale return of traffic to the Suez Canal. He did not rule it out for the second half but stressed that it would be a major operation, which would be costly and complex to carry out. Maersk's position echoes that of MSC, which informed its clients on 21 January that it would continue to use the Cape of Good Hope route until further notice. On 25 January, CMA CGM also issued a communiqué in which it said it would "continue to prioritize alternative routes, including a significant reliance on passage via the Cape of Good Hope".
For the shipping companies, the stakes are colossal. There is absolutely no need for them to provoke a rates war when one is already simmering.
It is still too early to have the February figures but, in January, the port of Shanghai set a new record by handling more than 5 million TEU. This can be explained partly by continuing growth in the intra-Asian trades. Above all, however, traffic was boosted by strong growth in demand from the United States. Importers...
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