BEN HACKETT

After two years of unheard of profitability in the maritime sector will the players be able to manage their profits to withstand the pressures of the next two years, or have they spent it all?

In the words of Hapag-Lloyd’s CEO, the party is over. As has been noted in this column previously, we are headed back to the old normal in the maritime industry with greater volatility in demand and revenue. The new normal of the Pandemic has not survived that global crisis. Charter rates have plummeted, and new orders of mega containerships are being delayed, and in some cases we have seen containership orders being converted to tankers.

The Drewry World Container Index fell below the US$2,000 per FEU mark for the first time since July 30, 2020 and it has done so with a wallop with the composite global spot index sinking to US$1,997.22 per FEU in early