Freight rates on the container market will continue their downward trajectory in the upcoming year, states CFO of Dubai-based port and logistics major DP World Yuvraj Narayan in a speech at the annual meeting in Davos.

The chief of finance expects freight rates to decline by 15-20 percent in 2023 in line with falling demand for transportation of goods, writes news agency Reuters.

Narayan, who is second in the group hierarchy, notes an initial sign in the reduced demand, with shipping rates having already seen marked declines on several routes, falling by 20-50 percent compared to last year’s peak levels.

DP World is one of the largest players within container terminals and is thereby a direct competitor to Maersk-owned APM Terminals.

English edit: Kristoffer Grønbæk