Global Shipping Report: Analyzing the 2023 Outlook

After more than two years of record-high freight rates and historic disruption driven by pent-up consumer demand during and in the wake of pandemic-related lockdowns, the ocean transportation market has taken another 180-degree turn. Concern continues to mount about the North American and global economy as multiple central banks have raised interest rates aggressively to combat inflation and the war in Ukraine drags on. As of late October, spot rates in the eastbound trans-Pacific were approaching pre-pandemic levels, a dramatic change from just six months ago that few, if anyone, could have perceived — even if an easing of North American imports from Asia was inevitable. Carriers are responding by pulling capacity out of the market, while shippers, carriers, and forwarders are assessing what it all means for the next round of service contract negotiations. As 2022 winds down, industry stakeholders are looking to what’s next, starting with the earlier-than-usual Chinese New Year and the months that follow leading up to new service contracts in the spring.

This webcast will take stock of the current market environment, when the headwinds might ease, and what the overall outlook is for the first half of 2023.