The U.S. supply chain is in the throes of a so-called “bullwhip effect.” Importers overreacted to last year’s congestion and heightened consumer demand, brought in too much cargo too early, and are now stuck with excess inventory. Could there be a bullwhip effect in the opposite direction next year?

It could happen, says Rolf Habben Jansen, CEO of ocean carrier Hapag-Lloyd. He addressed this scenario — as well as his views on future rates, capacity levels and trade patterns — during an online panel discussion Monday.