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After a down and up year in container volumes, the current logjams in the system and unbalanced trades will take months to resolve, allowing carriers to profit from high freight rates, and tonnage providers to enjoy lofty charter rates.
Despite lower demand because of the pandemic, carriers have achieved high freight rates and profitability in the first half of the year through large-scale capacity reductions and low bunker prices.
BIMCO has published a climate change glossary to clarify and harmonise definitions and terminology to ensure that the discussions around climate change and potential solutions for the shipping industry are based on a mutual understanding of what the commonly used terms mean.
The Covid-19 crisis has – and will continue to – hit the container shipping market hard, and the current economic situation provides no hope for a short-term recovery.