Container shipping activity has staged a sharp rebound in recent months and is nearing pre-pandemic levels — but the outlook remains uncertain, says Jeremy Nixon, CEO of Singapore-based Ocean Network Express.
Ocean Network Express's liner network services more than 100 countries, operating in a sector that moves over 90% of global goods, which gives the company a unique window into global economic activity.
Shipping containers stand on the quayside near empty docking terminals at Singapore port in Singapore, on March 27, 2020.Container shipping activity has staged a sharp rebound in recent months and is nearing pre-pandemic levels — but the outlook remains clouded in uncertainty, a top industry executive told CNBC.
"What we've seen in the last two or three months, those items around the home — whether it's home improvements or enhancements to people's home offices, electronics or even exercise bicycles — we're seeing that sector has really picked up, and a lot of that production actually moves in containers as opposed to air freight," Nixon explained.
Our exuberance is curtailed at the moment because we don't really know how 2021-22 is going to play out. How much of this is a temporary build up in demand?Nixon cautions, however, that relative to the V-shaped recovery that the industry witnessed in the aftermath of the global financial crisis, the current rebound looks more fragile.
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