2022 will be a record year for container shipping companies, according to a new report from Allianz.
The insurer predicts that the sector’s revenue will jump by 19% year over year, and its operating cash flow will grow by 8%. While freight rates have fallen 32% year to date, they are still well above their pre-pandemic average, according to the report. Current freight rates average $6,400 per 40-foot box, compared to $1,450 per 40-foot box pre-pandemic.
Allianz said that freight rates were likely to remain elevated in 2023 given the delayed delivery of new vessels,