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US-China shipping rates move into calmer waters

Beijing and Washington intervene as costs peak near record highs

Ocean shipping rates between China and the U.S. are showing signs of peaking near record highs, following recent government intervention on both sides of the Pacific and operator commitments to boost capacity.

China's Ministry of Transport called major domestic and international shippers to a closed-door meeting on Sept. 11 to discuss the situation, which had seen U.S.-China shipping prices soar to their highest levels on record over the last three months, a source familiar with that situation told Caixin. The U.S. Federal Maritime Commission (FMC) called a similar meeting five days later, according to an announcement on its website.

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