My Department is engaging with, and closely monitoring, the sector, along with other government departments. Shipping costs during 2021 have risen to a global high level in international freight markets as a result of unprecedented levels of demand driven by changed consumer behaviour during the pandemic.
Historical trends in the shipping sector shows pricing responds to supply and demand. Although industry estimates that high levels of demand and pricing are likely to continue into 2022, it is expected that pricing levels should similarly re-adjust when the current demand drivers change.
Nevertheless, Government continues to engage with the sector and will consider options to act in any helpful and appropriate way.