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Maersk Asia Pacific August Market Update. Regional insights and information to keep your logistics ahead of the curve

Maersk Asia Pacific August Market Update has the latest information to stay updated and keep your cargo moving.

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This month we highlight global economic trends driven by US growth and easing inflation. This positive economic outlook is reflected in the growth of both ocean and airfreight volumes, which are expected to maintain momentum into the second half of the year. Our fleet renewal program is fundamental to maintaining a competitive edge in our ocean business – a cornerstone in decarbonising our operations. We look at the latest regional challenges, including the situation in Bangladesh and the fire incident at Ningbo port. We also explain Maersk’s latest solutions to support resilience in supply chains to help keep your cargo moving.

Market Trends

The global economy, supported by an expanding US economy and slowing inflation, is showing increased resilience as it continues to outperform earlier forecasts. The upbeat conditions have already been seen in trade growth with ocean and airfreight volumes both climbing this year compared with 2023. Indications are this strong performance will continue into the second half, although headwinds, notably geopolitical issues in the Middle East and Europe, could dampen sentiment.

Global economic growth estimates remain positive, with expected GDP growth for 2024 around 2.6%. Q2 growth exceeded expectations in the US and some emerging markets, but China’s economic activity underperformed due to weak consumer demand.

Global PMIs indicate a setback in manufacturing activity in July, with the global manufacturing PMI falling below 50 for the first time this year, suggesting contraction in China, the US, and the EU. In the Euro Area, consumption growth is slow despite strong labour markets and wage increases. The Bank of England lowered interest rates on August 1, for the first time since 2020.

2024 expected GDP growth ≈ 2.6%

Trending Topics

Maersk continues with fleet renewal plan

In continuation of the fleet renewal programme initiated in 2021, Maersk is in the process of signing newbuilding orders and time-charter contracts for dual-fuel vessels matching the planned renewal pace of around 160,000 TEU per year. For more information, please visit our webpage here.

Update on the recent situation in Bangladesh

The interim government has been working steadily towards returning the country back to its normal state of affairs. All educational institutions, including universities, secondary schools and colleges, reopened on 18 August across the country. All public and private offices are normalizing as well. All Maersk offices are operational with regular staff during normal business hours. Please click here to learn more.

Update on the situation at Ningbo port 

On 9 August 2024, a fire occurred onboard a container vessel at Ningbo Beilun Container Terminal Phase 3, resulting in some disruption to port operations. Immediate fire control measures were deployed and port authorities confirmed that the fire was extinguished. The vessel involved in the fire has been confirmed as the YM Mobility, operated by Yang Ming. An official investigation into the cause of the fire is underway and more information will be made available as the official investigation progresses.

No Maersk crew members or personnel were injured during the incident, and no Maersk vessels have reported damage. Terminal yard operations, berthing, unberthing and cargo handling at Ningbo Beilun Container Terminal Phase 3 have resumed as normal.

Maersk has several services calling at Ningbo Beilun Container Terminal Phase 3. Due to the fire, you may expect cargo delay for some of our services. Maersk TP1 vessel (SAN FELIPE), SH1 vessel (MAERSK DHAKA), and SH2 vessel (MCC CEBU) have omitted calling at Ningbo terminal.

The YM Mobility remains alongside the terminal and is occupying one berth. The remaining three berths at Ningbo Beilun Container Terminal Phase 3 have returned to normal operations, though we expect increased waiting times. We understand the potential impact this may have on your logistics operation, and we will keep you updated on the latest developments.