In May, the global demand for full containers was 2.8% less compared to the same month last year.
This was disclosed by Container Trade Statistics in its latest monthly report. The number of TEUs in relation to miles traveled was – 4.6%. According to Vespucci Maritime CEO Lars Jensen, it was a sign that longer distance trades had suffered more than shorter distance ones.
Likewise, trade imbalances are continuing to increase. If we look at headhaul voyages, the TEU/miles traveled ratio was down -1.1 % in May, while backhaul voyages decreased by 7.3%. Intra-regional trade recorded a 2.2% downturn.
Mr. Jensen pointed out that increasing trade imbalances further amplify the problems associated with repositioning empty containers.
Despite weakening demand, the CTS Global Price Index rose to 200, the second highest ever (the record was in January 2022 when the index reached 204).
Mr. Jenson said that, in the context of declining spot rates on major routes, this shows that a considerable portion of the market is moving to medium-long-term contract rates, which in fact increased in 2022.
Translation by Giles Foster
