The collective results from a recent Container xChange survey reveal an optimistic outlook for 2024, as respondents foresee positive growth in the global container shipping industry in 2024 as compared to 2023. In fact, 74% of respondents express optimism about the industry's growth, with 20% expecting stability, and only 6% anticipating a decline. Most participants anticipate an increase in container prices compared to 2023 levels.
“As we navigate the evolving landscape of the global container shipping industry, the positive shift in sentiment revealed by our annual survey is a promising indicator for 2024. Supply chain professionals are strategically rethinking trade routes and embracing technology to foster resilience and innovation. While we are optimistic about the industry's growth, we remain vigilant, recognizing potential disruptions in 2024, such as geopolitical tensions,” says Christian Roeloffs, co-founder and CEO of Container xChange.
Key takeaways:
- 53% of respondents expect container prices to increase in the coming year as compared to 2023, while 26% expect these prices to remain stable at these rates, and only 21% pessimistic about the prices to decline further.
- The Container Price Sentiment Index (xCPSI) mirrors this positive sentiment as it has been showing consistently higher values in the Q2 of this year (starting July) as compared to the Q1, showcasing an improving sentiment for container prices in the second half of 2023.
- Majority of respondents said that they are planning to invest in technology for forecasting and planning (30%) followed by real-time visibility and tracking (24%), collaboration and connectivity (27%) and process automation (18%).
- When asked where they plan to prioritize the technology investments in 2024, the share of each amongst the four were distributed almost evenly, while forecasting and planning remaining top of mind.
“Our survey underscores a significant emphasis on technology adoption among supply chain professionals, with forecasting and planning as top of mind for our customers. The industry's recognition of the pivotal role played by real-time visibility, collaboration, and process automation reflects a collective commitment to efficiency and strategic planning,” says Roeloffs.