Foreign Trade Current Affairs

#Ship on-time rate at new low

The chaos in the maritime market does not stop at high freight rates. According to a new report by sea-intelligence consultancy Sea-Intelligence, port congestion and regional restrictions worldwide are currently leaving the shipping industry with very poor on-time rates.

The report covers 34 different routes and more than 60 shipping companies. The results show that the on-time rate in May was 0.2% lower than in April, at 38.8%, and a significant 36% lower than the same month last year.

According to Sea-Intelligence’s analysis, Maersk was the top 14 shipping company in terms of on-time performance in May, with 46.2 per cent, while Evergreen Marine was the bottom of the list with 25.1 per cent, the only company to see a double-digit drop.

In addition, according to Sea-Intelligence, the number of container ships calling at ports with delays of more than two weeks in 2021 is more than in the last nine years combined due to global port congestion and capacity shortages.