An optimistic outlook for containers in 2024

In all, respondents foresee positive growth in the global container shipping industry in 2024 as compared to 2023 with 74% of respondents expressing optimism about the industry’s growth, 20% expecting stability and only 6% anticipating a decline.

“As we navigate the evolving landscape of the global container shipping industry, the positive shift in sentiment revealed by our annual survey is a promising indicator for 2024,” said Christian Roeloffs, cofounder and CEO of Container xChange.

”Supply chain professionals are strategically rethinking trade routes and embracing technology to foster resilience and innovation. While we are optimistic about the industry’s growth, we remain vigilant, recognising potential disruptions in 2024, such as geopolitical tensions.”

Improving sentiment

Another indication of improving market sentiment witnessed as part of the annual survey is that 53% of respondents expect container prices to increase in the coming year when compared to 2023, while 26% expect these prices to remain stable at these rates, with only 21% pessimistic about the prices to decline further.

The Container Price Sentiment Index (xCPSI), which is an industry sentiment barometer from Container xChange, mirrors this positive sentiment as it has been showing consistently higher values starting July, showcasing an improving sentiment for container prices in the second half of the year 2023.

The majority of respondents said that they are planning to invest in technology for forecasting and planning (30%) followed by real time visibility and tracking (24%), collaboration and connectivity (27%) and lastly, process automation (18%).

Forecasting and planning remaining top of the mind for these professionals who responded.

“Our survey underscores a significant emphasis on technology adoption among supply chain professionals, with forecasting and planning as top of mind for our customers. The industry’s recognition of the pivotal role played by real-time visibility, collaboration and process automation reflects a collective commitment to efficiency and strategic planning,” said Mr Roeloffs.

When asked about how the oversupply of containers would be managed in 2024, most respondents believe that exploring to new markets and trade routes will be a key strategy used by carriers to tackle the overcapacity conundrum in 2024.

Other popular tactics will be scrapping old vessels and slow steaming strategies.