German shipping company Hapag-Lloyd (Hapag-Lloyd) said on Tuesday (13th) that shipping demand has recovered slightly after falling in recent months.

(Reuters)

[Financial Channel/Comprehensive Report] German shipping company Hapag-Lloyd (Hapag-Lloyd) said on Tuesday (13th) that shipping demand has recovered slightly after falling in recent months, Fading away, the outlook for the shipping industry is more benign.

The global container business saw a marked contraction in demand in September and October as economies around the world grapple with soaring inflation and a cost-of-living crisis following Russia's invasion of Ukraine.

Rolf Habben Jansen, chief executive of Hapag-Lloyd, said that the market is not as weak as it was a month or two ago, and at the end of 2022 and the Chinese New Year in 2023, we see a slight pick-up in demand.

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On the plus side for customers, Habben Jansen pointed out that port congestion has eased, with ship orders accounting for 27% of the total fleet, making it likely that supply will outstrip demand next year.

Inflationary pressures remain the company's main concern, especially the peg to crude oil prices leading to more expensive bunker fuel, he said.

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