Weaker Demand for Goods From Asia Marks End of Shipping Bonanza [Business News Network (BNN) (Canada)]
Matson, Inc. (MATX)
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Source: Business News Network
prospects for container carriers that turned in record profits during the pandemic. A 40-foot shipping box from the world's largest port of Shanghai to Los Angeles fetched $3,779 last week, the first time the spot price was below $4,000 since September 2020 and half the level of three months ago, according to Drewry. While the value of Chinese exports was still rising through August, it's expected to continue to slow down. That's a symptom of multiple headwinds hitting developed and developing economies alike, from soaring inflation and a surging dollar to central bank interest-rate hikes and trade disruptions blamed on Russia's war in Ukraine. “It's fair to say that the demand outlook for the trans-Pacific and container shipping generally is receding quickly,” said Simon Heaney, a senior manager of container research at Drewry. In what's typically the peak season for seaborne trade, global demand for Chinese goods is waning instead as consumers cut back spending because of in
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