China shippers face diverging fortunes in global and domestic waters

Ocean freight rates surge with tight capacity, while local market descends into price war

20240815 China port file photo

Container ships at Qingdao port in China's Shandong province. © Reuters

LI RONGQIAN and WANG XINTONG, Caixin

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.

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