In Depth: Chinese Shippers’ Diverging Fortunes

China’s shipping industry is navigating starkly different waters.

The global shipping boom has sent ocean freight rates soaring in the international market, while domestic shippers are struggling with low demand, forced into a brutal race to the bottom just to secure orders.

To offset the drop in local demand, some domestic firms have shifted more resources to their international business, which may not be so profitable for individual shippers but could give a boost to domestic freight rates, an industry expert said.