The red-hot container ship market may cool off substantially next year amid less demand, according to S&P Global Platts analysts.

The sector saw record rates this year amid an unprecedented demand for consumer goods that was exacerbated by worldwide port congestion.

The spot rate to deliver a 40-foot container from China to North America's west coast more than tripled since the beginning of 2021, reaching $14,294 on Wednesday, according to the Freightos Baltic Index.