In May, global demand for maritime container shipping reached an all-time high amid soaring spot rates and significant port congestion. Traffic volumes totaled 15.94 million TEU, exceeding the previous record of 15.72 million TEU recorded in May 2021, according to Xeneta and Container Trades Statistics.
Record demand has seen sea container traffic reach almost 74 million TEU since the start of the year, up 7.5% from the first five months of 2023. Xeneta analysts note that significant pressure on supply chains is caused by the rerouting of routes from the Red Sea around Africa and heavy congestion at ports in Asia and Europe. Despite these challenges, global container lines have been able to transport significant volumes of cargo.
The main driver of growth was container traffic from the Far East, including China, which exported a record 6.2 million TEU in May, accounting for 39% of global volume. Despite the achievements, the situation in the Red Sea and port congestion will take time to resolve. Analysts warn that May’s record volumes could lead to a slowdown in the peak season due to multiple factors, including underlying consumer demand and future additional tariffs on imports from China.