It’s supposed to be the peak season for seaborne trade — just before the Golden Week holiday in China where shipments need to leave ports for US and Europe, filling warehouses so retailers are stocked up heading into the fourth quarter.
Instead, global demand for Chinese goods is waning as consumers from the US to Europe cut back on spending because of inflation and the post-pandemic shift away from goods toward services. That’s causing the container shipping industry to trim capacity by canceling sailings. Otherwise, spot rates will continue to tumble. (Click here for today’s full story.)