Simon Heaney, senior manager of Container Research at Drewry, said supply chain congestion will ease by the end of Q2 2022, but supply chain end issues will continue through 2022. The prediction is similar to one published by analyst Sea-Intelligence earlier this month. Many industry insiders believed that the container logistics supply chain will not return to normal until the end of 2022.

With spot freight rates in the third quarter much higher than previously expected, Drewry expected average spot and contract freight rates to grow 126% in 2021. Heaney noted that spot rates are likely to fall next year but contract rates will rise further. Average spot and contract rates were expected to rise slightly by 6% in 2022.

Container ship companies were expected to generate US$150 billion in earnings before interest and taxes (EBIT) in 2021, according to Drewry's forecast.