World trade gradually recovered in the second half of 2020 and into 2021, but supply was less

flexible
and constrained by COVID-19-related delays and congestion, which resulted in a significant increase in
container freight rates.Regulatory requirements to align shipping operations with decarbonization
targets will also have an impact on the future demand/supply balance.These new regulations, which
were made possible by the International Maritime Organization (IMO), will necessitate the replacement
of a portion of the existing fleet, which will result in significant expenditures.