Due to soaring fuel prices and lower consumer spending, major global shipping operators expect a slowdown in the 4th quarter.

The managers of the Autonomous Port of Lomé (PAL), Togo's economic hub, have closely scrutinized developments. The CMA CGM group (580 vessels) indicated that the increase in energy prices is due to the war in Ukraine and the drop in demand was hampering the maritime transport market, which had nevertheless recovered strongly after the health crisis.

The group's CEO, Rodolphe Saade, quoted in the company's earnings release, said “we are currently observing a drop in demand that is leading to a normalization of international economic exchanges and a significant drop in freight rates.”