McKinsey & Company says that road transport is the main driver of the liquids demand peak, accounting for 90 percent of the decline in global liquids demand between 2019 and 2040. The pace of EV adoption makes up most of this decline by the next decade, once most of the impact of improving engine efficiency on demand is realised. In the current trajectory scenario, EV sales reach around 50 per cent of new vehicle sales globally across all vehicle segments as early as 2030, when battery costs for EVs reach parity with internal combustion engines.

Strains in global shipping supply chains to normalise soon

Rolf Habben Jansen, CEO of Hapag-Lloyd A, says that the first nine months of 2022 were significantly marked by disruptions in the global supply chains, which resulted in longer turnaround times for ships and containers. At the end of the third quarter, there was weaker demand for container transports and consequently a slight easing in the shortage of available transport capacities. In the coming months, strained situation in the global supply chains should continue to normalise.