At our Annual Conference 2024, we reviewed 2023 and despite good strategic progress, we felt the impact of a market downturn in the second half. Global container transport demand remained flat, and volumes were on par with the previous year. Carriers invested in new ships during the peak, with supply growth expected to outpace demand in 2024. Overall, 2023 was positive, but we saw weakening results and continued to face an uncertain environment, particularly due to geopolitical tensions like those in the Red Sea. Earnings are expected to decline in 2024.

• Average freight rates decreased significantly in the second half of 2023, with spot freight rates reaching unsustainably low levels in many trades.
• The current supply/demand balance did not improve, contributing to the anticipated earnings decline in 2024.