Sep 14, 2023 04:45 AM

ECONOMY

Global Container Shippers Cancel Sailings as Demand Declines

By Li Rongqian and Denise Jia

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Containers at Shanghai Port on Sept. 9, 2023.

Containers at Shanghai Port on Sept. 9, 2023.

As the peak summer shipping season winds down, ocean transportation rates are declining, threatening container shipping companies’ profits and prompting them to cut some services.

The Shanghai Export Container Freight Index (SCFI), a key indicator of ocean shipping rates, fell Sept. 8 to 999.25, down 3.33% from the previous week and more than 60% lower than the same time in 2022.

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