SURGING freight rates have myriad complex causes but one is shockingly simple: Ships in China are running low on empty containers to carry goods. Unfortunately, it’s impossible to immediately fill the shortfall and, once again, the container lines are cashing in.
The shortage is raising eyebrows because, until recently, ocean liners had far too many boxes compared with prevailing demand. This was after shipping companies and lessors spent heavily on new equipment during the pandemic to ease congestion.
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