Has the trasportaton industry ever seen anything like the market for ocean container shipping in the past two-plus years?
As seen in the graphic below, container shipping cost took off in mid-2020, reaching almost $9000 to ship a container from China to the US Wet Coast in the spot market in late 2021, and almost as high for contract rates.
Profits for carriers soared accodingly.
Source: Wall Street Journal
But from those peaks came a collapse, with spot rates right now down to barely over $1000, with contract rates just under $3000.
Unbelievable.
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