Global demand for maritime container transport hit a record high in May due to soaring spot rates and severe port congestion.

According to data released by Xeneta and Container Trade Statistics, the 15.94 million TEUs shipped by sea in May broke the previous record of 15.72 million TEUs set in May 2021.

May's record level of demand brought year-to-date freight volumes to nearly 74 million TEUs, up 7.5 percent compared to the first five months of 2023.

Emily Stausøll, senior shipping analyst at Xeneta, said: "At a time when existing capacity has been affected by conflicts in the Red Sea and severe port congestion in Asia and Europe, more containerised goods are moving by sea than ever before."

"It's been a perfect storm of pressure on the Marine supply chain that has led to the chaos of recent months. In many ways, it is impressive that the global shipping network has been able to move such a large number of containers in such a challenging environment."

The record level of global demand was driven in large part by exports from the Far East, with China exporting a record 6.2 million TEUs in May (including 853,000 TEUs of internal Chinese container demand). That accounted for 39 per cent of global container trade in May, while spot rates for major ocean-going trade also spiralled.