Weakening sectors such as liner shipping are set for a return to pre-pandemic rate levels next year, but there could be a recovery in 2024, according to S&P Global Market Intelligence.

The consultancy’s lead shipping analyst, Daejin Lee, said limited ship supply growth driven by new International Maritime Organization efficiency regulations is likely to boost freight markets in the medium to long term.

“Freight rates may return to the pre-pandemic level in 2023 with absence of congestion and weaker economic condition,” he added.