Drewry: Seaborne reefer trade to decline for second consecutive year

Seaborne reefer trade is forecast to decline by 0.5% this year due to climate impacts on key fruit crops, weak Chinese demand and geopolitical tensions, following on from a 0.8% decrease last year, according to Drewry’s Reefer Shipping Forecaster report.

Meat remained the largest commodity by volume in the third quarter but, despite strong pork exports from the US and Brazil, beef exports have fallen, and the segment has been affected by weak consumer demand from China.

In the fish and seafood sector, demand has declined as marine heat waves in the Atlantic have increased risks for piscine ecosystems and catches have been consistently low this year, noted the analyst.