Continued excess capacity and a reduction in global volumes will make it difficult for shipping companies to raise rates significantly, according to the Review of Maritime Transport 2019. Weak trade growth and the sustained delivery of mega container ships exerted further pressure on freight rates in the first half of the year. An example cited is rates on the Shanghai–South Africa (Durban) route, which averaged US$888 per TEU, down 23.1% from 2017. Overall, container fleet supply capacity rose by 6% in 2018, which is faster than the growth in containerised seaborne trade. Globally, volumes as measured in 20-foot equivalent units (TEUs) increased at 2.6% in 2018, down from 6% in 2017, bringing the total to 152 million TEUs. “This is a dramatic change compared with the double-digit growth rates of the 2000s and less than half the 5.8% average annual growth rate recorded over the past two decades,” the report said. Unctad predicts international maritime trade will increase by 2.6% in 2019 and will continue rising at a compound annual growth rate of 3.4% over the 2019–2024 period. Containerised and dry bulk trades are expected to grow at a compound annual growth rate of 4.5% and 3.9% respectively during this period. Tanker trade (combined crude oil, refined petroleum products, gas and chemicals) is projected to increase by 2.2%. – Ed Richardson