News / 'Overcapacity will persist, prompting more scrapping and slow-steaming'

Overcapacity will persist next year and, along with stricter environmental regulations, will prompt more scrapping of elderly tonnage and slow-steaming, said Cosco corporate secretary Xiao Junguang yesterday.

He said: “Looking into 2024, the global economy is expected to stabilise and recover. According to WTO estimates, global trade is estimated to grow 3.3%.”

And Sea-Intelligence’s latest report, issued yesterday, suggests the current tonnage overhang will peak next year, and be fully resolved by 2028.

On Monday, ...