BALTIC and International Maritime Council (Bimco) recently published a report on the container shipping market, emphasising notable trends amid ongoing challenges stemming from the Red Sea on shipping attacks, reports the Manila Times.

According to the report, ship supply is projected to increase 9.1 per cent in 2024 and 4.1 per cent in 2025, driven by increased demand resulting from the recent Red Sea attacks.

Due to the attacks, the rerouting of vessels around the Cape of Good Hope is anticipated to impact shipping routes until mid-2024.

This adjustment, coupled with heightened demand, is expected to lead to a 9.5 per cent increase in demand this year, followed by a slight decline of 0.5 per cent in 2025.

Although the global economy is expected to accelerate in 2024 and 2025, major economies such as the US, China, Japan and India may experience slower growth rates.

However, retail sales in the US and EU remain stable, though concerns persist about the sustainability of consumer spending post-Covid.

Ship deliveries are poised to reach a new record in 2024, surpassing the previous high set in 2023. The fleet is forecasted to expand by 14.9 per cent between the end of 2023 and the end of 2025.

Despite potential local strikes and disruptions, global congestion levels are currently manageable.

The industry's ability to adapt to evolving threats underscores its resilience in navigating complex geopolitical and economic environments.

Moreover, due to the longer sailing distances around the Cape of Good Hope, sailing speeds have slightly increased.