Arab shipping and port company DP World expects freight rates to continue falling by as much as 20 percent in 2023, says chief financial officer at annual meeting in Davos, reports Shippingwatch.com
According to the article, freight rates in the container market will continue their downward trajectory in the coming year, says the chief financial officer of Dubai-based major port and logistics company DP World, Yuvraj Narayan, in a speech at the annual meeting in Davos.
In addition, they report that the finance chief expects freight rates to decrease by 15 to 20 percent in 2023 in line with the drop in demand for freight transport, writes the Reuters news agency.
Furthermore, Narayan, who ranks second in the group’s pecking order, sees an initial sign of slowing demand, as shipping rates have already seen sharp declines on several routes, falling between 20 and 50 percent. compared to last year’s peak levels, ShippingWatch reports.
Lastly, they point out that DP World is one of the biggest players within container terminals and is therefore a direct competitor to Maersk-owned APM Terminals.
Source: ShippingWatch
