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Reefer demand left in the cold

12 Feb 2024 - by -
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Strong exports of agricultural products have created an imbalance in reefer trade passing through southern African ports.According to Philip Gray, a Drewry reefer analyst, there is a 115 000-TEU imbalance between exports and imports through the ports.This is the equivalent of 11 full loads of empty containers on an 11 000-TEU vessel – the largest to call on the region.Global reefer demand is failing to meet forecasts of steady to rapid growth.Drewry estimates that reefer cargoes were down 0.5% globally in 2023 due to a combination of factors such as climate impact, lower Chinese demand and geopolitical tensions. It follows a contraction of 0.8% in 2022.According to Gray, meat “is king” with 22% of the total seaborne market share, and bananas are “queen” with 15% of market share, followed by seafood at 13%.Of the 139 million tonnes of perishables transported in 2022, 52% was frozen commodities/others with the balance being 48% fresh produce.This mix is changing, which is good news for the region’s citrus exporters. Michel Looten from Accenture Strategy & Consulting told the 15th edition of Cool Logistics Global – a conference hosted in Genoa in October – that the global reefer trade of onions, citrus fruit and potatoes had registered the highest growth in 2023.Onion volumes increased by 35%, citrus by 26% and potatoes by 10%, while dragon fruit saw the biggest drop at -44%.

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