Sea freight sector faces shortage of container ships

Global sea freight was severely disrupted by the COVID crisis but is now recovering and prompting a boom new container ship orders as the industry grapples with a shortage of vessels.

However, it takes at least two years to build a new ship, so the market will remain overheated in the short term. "Every single vessel that can float is in deployment right now" by the industry, said Alan Murphy, head of Danish consultancy Sea-Intelligence.Yet demand for sea cargo transportation has grown strongly since mid-2020 and especially this year. - Demand recovers from Covid -The world's largest container carrier, Danish giant AP Moller-Maersk, saw its net profit jump to $3.71 billion in the second quarter of 2021, up 30 percent on the full-year figure for 2020.

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