Global demand continues to decline, and whether we calculate the growth in TEU*Miles or as an annualised percentage over 2019, one thing is very clear: the supply/demand balance is under a lot of pressure. The latest demand data from Container Trade Statistics (CTS) shows that in August 2022, the annualised growth over 2019 was below the level seen in 2019, which means that unless carriers reduce capacity substantially, vessel utilisation will be low. (....)