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Cumulative value of merchandise exports during April-July 2024 was $144.12 billion, an increase of 4.2% YoY

Ocean saw volume growth & higher freight rates, primarily in Asia exports, reflecting increased supply chain pressure

Largest deployment growth on Asia/Europe route at 24%; container fleet up 10.6% between June 1, 2023 and June 1, 2024

Maersk reported unaudited revenue of $12.8bn, underlying EBITDA of $2.1bn and underlying EBIT of $756mn for Q22024.

Capacity is expected to exceed 30 million TEU at the end of third quarter and hit 30.5 million by the end of 2024

Importing goods on Far East-Europe trade using the spot market now costs an additional $6.97mn/1,000 containers shipped

Merchandise exports register growth of 3% at $35.20 billion in June

Largest decrease in June was on Asia↔North Europe of 7.3 percentage points to 34.9%

Improvements on the West Coast of North America; challenges in Asia-Europe and East Coast North America

Drewry expects congestion at transhipment ports to remain high but easing is anticipated as carriers add more capacity

Early peak season is both a short-term change & signal that there will be a vacuum when peak volumes are complete

Demand for ocean freight out of Asia picked up early in May, reflecting possible start of restocking in Europe