Mizuho Bank's industry research division predicts that demand for maritime container transport will fall in 2023 in a study on current supply and demand trends and short-term forecasts in key industries.
Mizuho Bank believes that box movement will be slower in 2023, especially in the Asia-Europe and Asia-North America trades, due to declining consumption and normalising demand, which has increased dramatically since the second half of 2020.
The third largest financial services company in Japan anticipates a slight 1.4% year-on-year decline in container movement this year.
Spot rates have reverted to pre-pandemic levels, and annual contract rates are expected to fall. As a result, the bank expects that freight prices will be adjusted to reflect those in 2019.