The global shipping industry is experiencing a significant change with ocean freight rates continuing to fall in the first quarter of the year. This trend is expected to lead to a shift from air to ocean transport, as air volume growth remains relatively stagnant. The slowdown in air freight demand during the Chinese New Year is a traditional factor that contributes to this trend.

Maersk, one of the world’s leading shipping companies, has taken note of this shift and is taking steps to accommodate its liner shippers. The company has recently launched a new insurance product that provides coverage for container cleaning expenses and protection against damage. This is a crucial development as one in three containers globally sustain damage or require cleaning, leading to avoidable delays and costs for shippers.

The recent economic and geo-political shocks have exposed weaknesses in supply chains and are expected to change trade patterns. To prepare for these changes, shippers are encouraged to closely monitor the situation and plan their resources accordingly.

In conclusion, the decline in ocean freight rates and the shift from air to sea transport is a significant development in the global shipping industry. Maersk’s new insurance product is a step in the right direction, providing shippers with the protection they need to navigate these changes effectively.