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Maersk North America Market Update - April 2024

'Despite abundant risks to supply chains, demand for container trade increased in Q1 2024'

"At Maersk, we continue our assessment of the Red Sea/ Gulf of Aden situation and still believe that sailing via the Cape of Good Hope and around Africa is currently the most reasonable solution and the one that allows for more supply chain stability. With the Red Sea crisis still ongoing, plans are being made for the current rerouting around the Cape of Good Hope to be extended potentially for the remainder of the year.

The safety of our seafarers, vessels, and our customers' cargo is our top priority, and as such, we are adjusting our services as needed to ensure as smooth operations as possible.

Market Environment and Container Demand
As reported in our Q1 2024 Interim Report on May 2nd, the global economy continues to demonstrate a certain strength amid increasing confrontational geopolitics and high interest rates. Economic growth is expected to be around 2.5% in 2024, according to Oxford Economics, an upward revision from their forecasts at the beginning of the year. The U.S. consumer remains the bright spot in the global economy. Robust labor market conditions and real wage gains have contributed to a 2% increase in US goods consumption in Q1 y/y. In contrast, the European economy faced stagnation in Q1. Despite a strong labor market and wages growing above inflation, European consumers remain more cautious. Retail sales (excluding food and fuel) in the Euro Area were down 0.6% over the year in January-February, in line with downbeat sentiment. The growth outlook in China has slightly improved, driven by stronger-than-expected industrial production and exports, the latter supported by improved cost competitiveness. However, consumer demand remains subdued as households face the property market deleveraging."

Click here to read the full update.

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