Tariffs are driving global markets into recession, succumbing to the inevitable supply and demand imbalance as carrier capacity rises and demand diminishes.
Shipping lines are struggling to maintain a balanced trade, having already withdrawn some 434,000 TEUs of Pacific capacity in week 16, with more cuts to come on 1 May, according to Hong Kong consultancy Linerlytica, which added that utilisation on ships had also fallen by 5% on the vessels still operating.
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