Shipping Update – February 2022

In late 2021, it was identified by many shipping corporations that despite the pandemic, the global economy has continues to grow where as the ability for shipping hasn’t been able to keep up. This has lead to a large back log of consignments due to be transported. This year (2022) Maersk estimates that global economy growth and shipping requirements will increase by around 7.8%. Despite conditions, the industry remain optimistic of the situation in hand. This comes as many freight companies have been catching up with shipments over the holiday periods. There has been significant strain on shipping services across the globe affecting almost every corner on Earth. Freight rates are expected to continue to rise over the coming year with demand for shipments exceed ability to supply.