The normalisation of the reefer trade and resultant freight rate correction has proved more gradual than for wider container shipping, and reefer cargo demand has been steadily recovering since the start of the year, demonstrating the resilience of the trade.

Drewry estimates that total worldwide seaborne reefer cargo declined to 137.5 million tonnes last year, representing a fall of almost one per cent, the first time in over 20 years and compared to flatlining trade for dry cargo.

Supply chain disruptions, rising input costs and normalisation in perishables cargo demand after the peaks of 2021, all contributed to the decline. Key reefer commodities such as meat, bananas and fresh vegetables all took a hit in 2022 as a result.

Containerised reefer trade contracted 0.7 per cent in 2022, as the continued decline in specialised reefer ship carryings cushioned the blow of weaker cargo demand, and broadly matched the fall in overall containerised liftings in the year.

Despite such adversity, reefer shipping trade is recovering through 2023, supported by steady demand from a growing world population and the recovery of Asian economies, particularly the reopening of China.

These positive developments have driven a return to year-on-year growth on every key reefer-intensive trade route so far this year, with seaborne volumes projected to rise 1.5 per cent by the end of the year.