WND is now on Trump's Truth Social! Follow us @WNDNews (MARINE INSIGHT) – Ocean carriers have reportedly been cancelling dozens of sailings on the busiest routes during their peak season, the most recent sign of the economic whiplash touching firms as inflation weighs on global trade and consumer spending. The cancellations in October 2022 are…
The post Cargo ship-owners canceling sailings as worldwide trade flips from backlogs to empty containers appeared first on WND.
A cargo ship transporting privately owned vehicles. (U.S. Department of Defense)
WND is now on Trump's Truth Social! Follow us @WNDNews
(MARINE INSIGHT) – Ocean carriers have reportedly been cancelling dozens of sailings on the busiest routes during their peak season, the most recent sign of the economic whiplash touching firms as inflation weighs on global trade and consumer spending.
The cancellations in October 2022 are a sharp reversal from a few months back when the scarce shipping space pushed the freight rates higher and the carriers’ profits touched record levels. In October 2021, firms like Walmart and Home Depot were chartering their ships to get around the bottlenecks at major ports to satisfy a surge in demand for imports.
Trans-Pacific shipping rates have plummeted about 75% from levels observed a year ago. The transportation industry has been grappling with weaker demands as giant retailers cancel orders with vendors and step up their efforts to cut inventories.
FedEx Corp. recently mentioned that it’d cancel flights and park its cargo planes owing to a sharp drop in the shipping volumes.
The post Cargo ship-owners canceling sailings as worldwide trade flips from backlogs to empty containers appeared first on WND.
