Cargo Shipowners Cancel Sailings as Global Trade Flips From Backlogs to Empty Containers



Ocean carriers are canceling dozens of sailings on the world’s busiest routes during what is normally their peak season, the latest sign of the economic whiplash hitting companies as inflation weighs on global trade and consumer spending.

The October cancellations are a sharp reversal from just a few months ago, when scarce shipping space pushed freight rates higher and carriers’ profits to record levels. Last October, companies like Walmart Inc. and Home Depot Inc. were chartering their own ships to get around bottlenecks at ports to meet a surge in demand for imports.

You May Also Like

Florida Lawmakers Move to Take Over Disney’s Special-Tax District

Business If approved, bill would give Gov. Ron DeSantis the power to…

U.S. Imports Rose in December

Imports rose 1.3%, partially offsetting a weakening in global trade late last…

Baidu Stock Jumps After Chinese Search Giant Unveils ChatGPT-Style Project

Robin Li Yanhong, chairman and CEO of Baidu, speaks at the opening…

MIDAS SHARE TIPS: Here’s a remedy to perk up your portfolio – Haleon

Healthy profits: Haleon’s brands range from Centrum vitamin pills to Panadol pain…

How Does Johnson & Johnson Stock Compare With This Large Beverage Company?

CHINA – 2022/07/25: In this photo illustration, the American multinational medical devices…

What It Takes To Build A Disruptive Fintech Company In 2023

Fintech remains one of the fastest-growing sectors of the technology industry, and…

Are FC Barcelona Trying To Force Ansu Fati Out Of The Club With Transfer Rumor Leaks?

FC Barcelona have been accused of trying to force Ansu Fati out…

What Looks Different And What You Need To Know About Your 2022 Tax Return

Tax Season: 1040 U.S. Individual Income Tax Return getty One of the…

This Bestselling Author Is the Entrepreneur To Watch In 2023

Opinions expressed by Entrepreneur contributors are their own. You’re reading Entrepreneur India,…

Sarah Kate Ellis, President And CEO Of GLAAD, On The Power Of Media And LGTBQ Representation, Part 1

The world today is vastly different than it was even just a…

NY Times’ Stock To Likely Trade Lower Post Q4

The New York Times logo is seen on the building in New…

2 Key Steps to Improve Both Yourself and Your Business

Opinions expressed by Entrepreneur contributors are their own. Understanding yourself and your…