World Maritime Day: Understanding the Impact of Ocean Shipping on the Economy

Did you know that Ocean Shipping (Sea Freight) is a key indicator of the economy? Today is World Maritime Day and the perfect time to appreciate the Maritime industry and take a deeper dive into Ocean Shipping.

World Maritime Day was created by the United Nations via the International Maritime Organization (IMO) in 1978 to honor the maritime industry and underline the importance of maritime security, environment, safety, and ocean shipping. It falls on the last Thursday in September every year.

Trends in Ocean Shipping (Sea Freight) often provide insight on upcoming economic trends. For example, Ocean container shipping rates soared to unprecedented levels during the pandemic due to factors like increased consumer demand for e-commerce goods, worker shortages, ocean port bottlenecks and tight overall network capacity.

Traditionally, September would've marked the middle of Ocean Shipping Peak Season and the beginning of Domestic Shipping Peak Season (from Sept. 1st - Dec. 31st) as preparations for the holidays get underway — but not this year. Over the last few months, ocean freight rates have fallen and are rapidly approaching near pre-pandemic levels as supply chain bottlenecks ease and effective capacity is freed up.

Large retailers like Walmart, Target and Kohl's are among those recently canceling millions worth of ocean shipping orders to help balance current inventory excesses — a key indicator of preparation for a potential economic slowdown. Now, more than ever, is the time to plan wisely and look for freight-forwarding companies like BTX Global Logistics that pass on savings acquired to customers.

Follow BTX on social media to keep up with the latest Ocean Shipping and Logistics news. 

BTX Global Logistics is a full-service shipping and logistics organization known for providing creative and flexible solutions to its customers. BTX's services include expedited shippingair freightground freightsea freightwhite glovetrade show, ecommerce and fulfillment, home/residential delivery and much more.

Topics: Supply Chain, Shipping, Logistics, Blog