ING global economic outlook 2023 December 2022 3 Lower transport costs for overseas container trade, but not in tanker shipping After spiking at the start of 2022, container spot rates have plummeted since the summer almost returning to pre-pandemic levels on major trade lanes just before the start of the new year. Container liners will try to manage excess capacity by blanking sailings, with the cost base of carriers being higher than pre-pandemic, but blocked capacity is gradually being released and a flood of incoming new build capacity will add to the downward pressure on freight rates in 2023. On the liquid bulk side of global trade, it’s a different story. The ban on Russian oil and the imposed cap for carrying and insuring Russian oil has impacted trade patterns and led to longer sailing routes. This has resulted in inefficiencies, and the rush to replace piped Russian gas will also continue to push up liquefied natural gas (LNG) tanker rates in 2023.