Maersk North America sees resilient market growth.

In the first half of 2024, global capacity utilization rose by 2% compared to the previous year, despite a significant 10.4% increase in containership supply. This suggests that container ports have maintained resilient growth, with the top 10 ports reporting a combined increase of 7.4%. However, challenges persist in the form of port congestion and diversions along the Cape of Good Hope route, which have hindered further capacity expansion.

On the demand side, Europe has seen a return to pre-COVID core inflation levels, while the US is experiencing a slower decline. These economic shifts indicate differing regional recoveries, with Europe making quicker strides back to stability compared to the US. Despite the gradual improvement, challenges remain in managing inflationary pressures and economic recovery.

Surprisingly, US Consumer Spending data shows a gradual decline rather than a sudden surge, which contrasts with expectations for a strong peak season. This slowdown in spending appears to be driven more by import front-loading and inventory restocking rather than a significant uptick in consumption. As a result, global demand for goods continues to be influenced by supply chain adjustments and shifting economic conditions.