Sea freight sector grapples with shortage of container ships

The original article can be found here.

Article highlights:

  • Global sea freight was severely disrupted by the Covid-19 crisis but is now recovering and prompting a boom in new container ship orders as the industry grapples with a shortage of vessels;
  • New shipping capacity is now forecast to hit a record-matching level by 2023;
  • Orders have been placed for at least 276 new vessels in the first seven months of this year which would add slightly more than 10 percent capacity to the large global container fleet as of 2020.