There is no COVID-era surge in global cargo demand. There’s a lengthy albeit temporary spike in congestion compounded by a localized, stimulus-and-savings-driven demand boom in America.
Consultant Lars Jensen, CEO of Vespucci Maritime, told American Shipper, “Global demand for the first part of the year is up around 4% compared to 2019. We did not have a capacity problem in 2019. We had enough ships, we had enough containers, ports were fine, and trucks and rail were fine, at least from a global perspective.
“With 4% global demand growth since then, we should not have a problem now. You have some skewing because of the demand boom in North America, but none of this is down to a global demand boom — because that doesn’t exist. The problem right now is predominantly one of capacity.”
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