Global Shipping Outlook: A Sneak Peek at 2021

As historic a year as 2020 has been, its impact on the container shipping sector could be even more so. As COVID-19 played out through the spring, summer, and fall, a transformation years in the making materialized as ocean carriers showed new, arguably unprecedented discipline on rates, and newfound flexibility to adjust deployed capacity. The result: strong profitability amid a global recession. Cargo owners, freight forwarders, and other supply chain interests already are feeling the impact — and perhaps should prepare for it to be the new normal. Ultimately, carriers’ newfound discipline could be positive for all, but only if service levels improve in a way that creates greater value throughout the international supply chain. As of early November, rates in the eastbound trans-Pacific and Asia-Europe trades were sustaining record levels. What will that mean if the trend continues into Chinese New Year in early February, as many expect? Will carriers work to improve poor service levels and reliability that many shippers have lamented this year, and if not, does that set the stage for contentious contract talks next spring? How should shippers adjust to the protracted disruption brought about by equipment dislocation and congestion at primary gateways? This webcast will analyze the year that was and take an early look at what lies ahead in 2021.

Mark Szakonyi, Executive Editor, JOC.com and The Journal of Commerce, Maritime & Trade, IHS Markit

David Bennett, President, Americas, Globe Express Services

Rahul Kapoor, Vice President and Global Head of Commodity Analytics & Research, Maritime & Trade, IHS Markit

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