Maritime freight costs to continue rising in the near future

Jan Hoffman, the head of the Trade Logistics Branch at the United Nations Conference on Trade and Development (UNCTAD), estimated that maritime freight costs will continue to rise in the coming years, staying above pre-pandemic levels.

Hoffman made the statements at the VI Logistics Forum organized by Peru’s Association of Exporters (ADEX), where the representative of Unctad indicated that limits imposed by Covid-19 are still in effect.

“The pandemic caught the maritime cycle at a bad time when orders to build new, larger capacity ships were low,” he said.

In addition to the logistical consequences of the pandemic, freight costs are also being impacted by the concentration and vertical integration of shipping companies (consolidation), the strengthening of the decarbonization trend, insufficient timely disposition of ships, and the uncertainty of investors, shipowners, and shipyards toward what will happen in the future.

Hoffmann also indicated that high maritime freight costs also impacted world inflation by 1.6% and that the most affected products are computers, electronics, and low-cost manufacturing. Textiles, apparel, and leather goods are also examples.

Source: Portal Portuário

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