China sets the stage for global shipping costs

If 2022 had a theme, it was to expect the unexpected. It was the year that shocked the world with a war in Ukraine, endless Chinese COVID-19 lockdowns, soaring inflation and extreme weather, including in the United States where Mississippi River levels dropped to record lows. It also, finally, saw the world stride toward a post-COVID future, even as large swathes of the global economy teetered on recession.

Those in the business of buying bulk carrier capacity have had their own surprises, not just in 2022 but throughout the pandemic — not least because they could have expected freight costs to subside more significantly than they have given the mismatch between fleet and volume growth. Read more