The Russia-Ukraine war has aggravated global logistical disruptions. According to the International Chamber of Shipping, Ukraine and Russian merchant marine workers account for 14.5% of the worldwide shipping workforce. The shipping industry thus continues to reel under an acute labor shortage. However, demand for the shipping sector remains strong due to an increasing need for exports and imports amid the deepening supply chain disruptions.
Furthermore, shipping costs are expected to continue surging until mid-2023, benefiting the shipping industry. According to a Zion Market Research study, the shipping container market is expected to grow at a 12.1% CAGR through 2028.
