he global shipping industry continues to experience significant challenges caused, in part, by the
impact of the global pandemic.
There is an increased demand for equipment (containers) and a subsequent shortage of containers
on a global basis. Connecting feeder vessel operator costs remain at elevated levels. This increased
demand for shipping services has caused charter rates to rise to the highest levels in a decade and
has caused a shortage of available vessels for charter. Port congestion continues to be experienced
globally. This has been caused both by the additional operational requirements required due to the
pandemic as well as the increase in demand for shipping services.
These factors all have significant negative operational and cost impacts. Swire Shipping is committed
to maintaining the highest levels of service and global connections to Papua New Guinea, Solomon
Islands and the Pacific Islands. This rate restoration ensures that we can continue to provide the
greatest reliability and long-term sustainability for these services against the backdrop of the significant
cost pressures highlighted above.