Global demand for container shipping may be down by just a marginal amount in the third quarter from last year’s level, according to consultancy Sea-Intelligence.
The consultancy forecasts third-quarter global container volumes as being down by just 0.1% in the third quarter from the same period of 2019, it said in an emailed research note Monday.
That figure is dragged down by a retreat in July, with both August and September’s volumes showing growth from last year’s levels.
“While this may seem counter-intuitive in a pandemic, there are some factors that we believe are at play here,” the company said.
“First is a shift in consumption patterns away from services to physical goods, which would give rise to a need for stockpiling a large volume of goods different to what were previously sold.
“Second, restrictions of travelling and regular outings would potentially fund a higher spending on consumer products.
“Lastly, a change in working conditions necessitating a work-from-home approach has also driven consumer behaviour towards purchases for furnishing home offices.”
Container lines are the largest consumers of marine fuel, and signs of a rapid recovery in the global container market augur well for the health of the bunker industry.
