Also expected to throw a wrench into the works in 2025 is an anticipated shift to a more carrier-friendly freight market by the second quarter of the year.

The Turkish government has been negotiating with a group controlled by Abu Dhabi sovereign wealth fund since 2023.

The unions estimate that China manufactured more than 1,000 ships in 2023, compared to fewer than 10 made by the U.S. in that same year. 

Cargo handlers at the Port of Los Angeles moved a total of 924,245 containers in January, an 8% increase over the same period last year.

The alert from shipping companies comes as the IMO hosts an event in London this week to debate measures to reduce the sector’s carbon footprint. 

The benefits outlined in the deal will apply retroactively going back to October 2024, and will remain in effect through September 2030.

Top executives from the world’s biggest shipping companies have cautioned that any return to the Red Sea is likely to be slow given the volatility of tensions in the Middle East.

Shanghai’s port processed a record 5 million containers in January, well above any previous month according to data going back to 2007.

The move comes as the shipping industry waits for signs that vessel traffic in the Red Sea will begin to return to normal after more than a year of disruption.

A report from the International Maritime Bureau found a rise in the number of seafarers taken hostage, despite an overall decline in piracy.