Our industry is yearning for normalcy but 2024 won’t deliver it. The tempest of risks facing shipping and logistics is unlikely to provide predictability as current global disruptions will continue to reveal the fragility of global supply chains. This may be a depressing outlook, but the state of world affairs deserves nothing less than a severe review.
Global unrest, whether arising from geopolitical tensions or conflicts, has emerged as a formidable threat to shipping and logistics. Consider the ongoing Israel-Palestine conflict, which has the potential to disrupt key shipping routes and shift supply chains, and Russia’s war against Ukraine, which has already hurt global commodity trading and inflated prices.
China’s position on world affairs, its trade relationships, a strengthening Sino-Russian axis and its assertive stance on various international issues also loom large. The industry is inextricably linked with China’s manufacturing and trade prowess, making its policies and actions significant determinants of stability. Trade, political and military tensions with China can create insecurity and impact global supply chain operations.