Ocean freight market update: rates show signs of stabilizing

Whilst ocean freight rates are showing signs of stabilizing, 2024 will be a record year for deliveries as carriers ordered great amounts of new vessels in the boom years of 2021 and 2022. At the same time scrapping activity has been very low in the past two years. Over the course of this year and the next, newbuilding deliveries are expected to remain high. A weakening economy with a slow cargo market could however see vessel handovers deferred and vessel scrapping rising sharply.