Global fruit exports drive an increase in maritime transport of refrigerated containers

Published May 20, 2024

Tridge summary

The refrigerated sector has seen growth in 2024, driven by healthy harvests in the southern hemisphere, with South Africa and New Zealand experiencing good conditions for citrus, oranges, lemons, grapefruits, and kiwifruit. Major seaborne trade of chilled products like meat and bananas has also seen single-digit year-on-year growth. Falling reefer freight rates, due to shipping lines adjusting rates and excess container segment capacity, are expected to continue, with reefer container shipping rates expected to decline as tensions in the Middle East offset improvements from increased rainfall in Panama. Drewry predicts a 1% year-on-year increase in global reefer volume in 2024, indicating a positive outlook for the sector.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Drewry detailed that after a tumultuous year in 2023, the refrigerated sector entered 2024 on a stronger footing, as healthy harvests in the southern hemisphere have helped drive growth. This trend is expected to continue throughout 2024 as a whole, with a return to the growth forecast for the sector after two years of declines. Good growing seasons have supported improved deciduous exports so far this year, and the South African citrus season is likely to deliver further growth with new orchards coming into production and expected to Good growing conditions benefit exports of oranges, lemons and grapefruits. Drewry said that similarly in New Zealand, although the start for kiwifruit this year was slow, it is expected to turn into a good crop later, with export volumes substantially higher than last year's disappointing results. Major seaborne trade in chilled products, such as meat and bananas, also started the year with positive momentum, recording single-digit year-on-year ...
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