Weaker Demand for Chinese Goods Spells End of Shipping Boom

(Bloomberg) — The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming 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. More declines are expected in the next few weeks, the maritime research and consulting concern said.