Overcapacity will persist next year and, along with stricter environmental regulations, will prompt more scrapping of elderly tonnage and slow-steaming, said Cosco corporate secretary Xiao Junguang yesterday.
He said: “Looking into 2024, the global economy is expected to stabilise and recover. According to WTO estimates, global trade is estimated to grow 3.3%.”
And Sea-Intelligence’s latest report, issued yesterday, suggests the current tonnage overhang will peak next year, and be fully resolved by …
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