AsemconnectVietnam - Vietnam Maritime Corporation forecasted that the shipping market situation in 2024 will not have many positive changes.

The container shipping market is forecast to continue to face many difficulties. The supply of goods has decreased due to rising inflation as well as a decrease in global economic growth, directly affecting the purchasing power of major markets such as the Americas and Europe.
Currently, freight rates for transporting goods from Vietnam to the US, Canada and EU have doubled compared to December of 2023. In the agricultural, forestry, and fishery industries, wooden furniture and seafood exports are the two industries under the greatest pressure from this price increase, because most of the products are exported to the US and European markets.
The container shipping rates fluctuated unpredictably and decline throughout most of 2023 and showed no signs of stabilization. In the context of low growth in transport demand, the number of newly built ships is increasing rapidly, congestion is decreasing, the market is expected to have an excess supply of ships.
Not only the shipping market, the seaport and maritime services sectors are also expected to face many uncertainties and geopolitical tensions among countries around the world. Shipping lines must drastically cut operating costs. In the context of a difficult general market, private ports have implemented many policies to reduce prices and increase discounts to attract customers, making the competition in seaport services to be increasingly fierce.
CK
Source: VITIC/congthuong.vn