Global lockdowns during 2020 severely impacted consumption and production of goods, resulting in challenges in forecasting demand.
Preparing for shipping volumes to drop, carriers reduced services with blank sailings (cancelled voyages), route mergers and closures.
However, as COVID-19 related restrictions eased, demand began to rise which prompted carriers to resume suspended services.
But the increased demand amongst a volatile market has seen the cost of containers for freight skyrocket. This cost has been climbing since April of 2020.
Location specific issues like container imbalances, port congestion, and industrial action are paired with global instability of supply and demand - ultimately resulting in the cost of sea freight rising to a historic high.