As the end of 2020 approaches, hopes of improved trading conditions in 2021 have been dashed as market volatility looks set to continue, according to Drewry Shipping Consultants.“The continued uncertainty will make this year's task of planning and forecasting more challenging than ever,” said a spokesman for the maritime consultancy.While there has not been much good news in what has arguably been one of the most traumatic and tumultuous years ever, Drewry analysts said container trade had proved to be extremely resilient during the pandemic as consumer confidence dropped.“Trade always seems to find a way, even in the most inhospitable conditions,” reads one of the latest reports. “This year, ocean carriers have controlled capacity more tightly than in previous crises and were able to secure very high load factors, very high rates, and lower costs. Some carriers say that they have “learnt a lesson” during the Covid-19 crisis about how to manage their business in times of volatile demand. This could have long-term repercussions on carrier resilience and profitability in what is normally a cyclical, boom-and-bust business."
Carriers have ‘learnt a lesson’ during Covid
19 Nov 2020 - by Liesl Venter