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In 2021, global business tourism spending was estimated at 754 billion U.S. On the other hand, business travel includes all trips taken for work-related reasons, such as attending meetings, congresses, and conferences. Leisure tourism mainly refers to vacations, visits to friends or relatives, and all journeys made for leisure purposes.

Despite the annual increase, the total expenditure by leisure travelers worldwide remained way below pre-pandemic levels, amounting to roughly 2.9 trillion U.S. Global leisure tourism spending rose by roughly 25 percent in 2021 over the previous year, following a dramatic drop in 2020 due to the impact of the coronavirus (COVID-19) pandemic. However, delivering newly ordered ships is still years4 away. Some of the carriers are using these profits to increase their carrying capacity by buying new containers and ordering new container ships. In the third quarter of 2021, main container shipping companies had an average profit margin of over 56 percent, up from about 8.5 percent a year earlier. Container ship operators have been reporting record-high operating profit margins since the beginning of the pandemic. While costs of operating a container fleet have increased, the surge in freight rates has not served just to cover rising expenses. Since the start of the pandemic, the shipping industry has had to struggle with port closures and congestions, labor shortages, difficulties with capacity utilization, as well as a lack of new shipping containers. Due to its complexity and transcontinental nature, container shipping was hit especially hard by the COVID-19 pandemic. The COVID-19 pandemic turned out to be an event of such a magnitude to either bring to halt whole industries and supply chains, or severely reduce their efficiency. that need to function properly for the whole system to work. The global supply chain is a fragile system consisting of numerous links and disruption to one can send cascading effects down the chain. In September 2022, the global freight rate index stood at 4,000 U.S.

The year 2021 saw an especially steep increase in global freight rates, reaching a record price of nearly 10,400 U.S. Monthly container freight rate index worldwide 2019-2022Ĭontainer freight rates increased dramatically between January 2019 and September 2022.

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