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Idled Ships, Empty Containers. Ocean Shipping Faces Its Biggest Slump in Years.
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LONG BEACH, Calif.—Global shipping executives are wrestling with plunging exports, falling freight rates and mounting suspense over whether the industry is headed for a price war in a reversal of the soaring demand the industry saw during the pandemic.
Traffic from China’s ports has slowed significantly, empty containers are stacked six high and trucks with no cargo dot the highway leading to the major terminals.
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