High rates and Covid will slow shipping trade for years, says UNCTAD

Embargo to 6am GMT on Thurs 18 Nov

Growth in maritime trade is set to slow significantly again over the next four years from knock-on effects of the Covid-19 pandemic with the economic recovery further blunted by high freight rates, a report by the United Nations' trade body has forecast.

The pandemic's impact on maritime trade volumes was less severe than initially expected in 2020 but its knock-on effects will be far-reaching and could transform seaborne transport, predicted UNCTAD's Review of Maritime Transport 2021.