What’s in Store for the Shipping Industry in 2023?

Containership market outlook: The containership market experienced record-setting rates and profitability since Q3 of 2020, however, since early 2022, rates have been steadily falling.  Inflation led to decreased consumer demand, which, in turn, led to plummeting spot freight rates. With no upturn in sight, the containership market has seen heyday.

Tanker market upcycle: Shifting trade patterns, as a result of sanctions on Russian exports, have created noticeable pickup for the tanker market. Large crude tankers are seeing their highest charter rates since early 2020, and for tanker owners, the outlook is quite positive. If demand continues at its current rate, the trend is showing a multi-year upcycle.

LNG market at all-time highs: Russia’s invasion of Ukraine has created a strong uptick in demand for energy security within European nations. Spot rates for LNG carriers have since skyrocketed to record rates. With this new energy supply diversification, LNG shipping has become a key facet of the energy transportation market.

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