Global Economy’s Rebound May Extend Shipping Boom Into 2022
Road and rail transport wagons wait to load up with imported corn maize from a cargo vessel at the city port in Cape Town, South Africa
Photographer: Halden KrogThe price of coal has jumped from a year ago, lumber futures have tripled to a new record, steel has been on a roll, and corn and soybeans have staged their own rallies during the pandemic.
Commodities traded in global markets have been on a tear, which means no rest for the ships needed to transport raw materials. The cost of hauling them has jumped more than 50% this year, fueled first by a manufacturing rebound in China and now accelerating elsewhere as countries rebuild stockpiles depleted during lockdowns.