BIDEN ECONOMY: Transpacific Shipping Drops 75% During Peak Season Due to Lack of US Demand
Transpacific shipping is way down thanks to the Biden economy. This is a symptom of the policies that Biden put in place to destroy the US economy.
The Biden economy is imploding. Now, only months before the holidays, transpacific shipping is down roughly 75% from 2021.
The Wall Street Journal reports:
Trans-Pacific shipping rates have plummeted roughly 75% from year-ago levels. The transportation industry is grappling with weaker demand as big retailers cancel orders with vendors and step up efforts to cut inventories. FedEx Corp. recently said it would cancel flights and park cargo planes because of a sharp drop in shipping volumes. On Thursday, Nike Inc. said it was sitting on 65% more inventory in North America than a year earlier and would resort to markdowns.
[…] One response to the melting demand has been to reduce sailing trips. In September, container capacity offered by ship operators in the Pacific was down 13%, dropping the equivalent of 21 ships that can each move 8,000 containers in a single voyage, from a year earlier, according to shipping-data providers Xeneta and Sea-Intelligence.
For the two weeks starting Oct. 3, a total of about 40 scheduled sailings to the U.S. West Coast from Asia and 21 sailings to the East Coast from Asia have been scrapped, according to the data companies as well as customer advisories viewed by The Wall Street Journal. Typically at this time of year, an average of two to four sailings a week are blanked, the industry’s term for canceled sailings.
[…] “In the first week of October, one-third of previously announced capacity will be blanked and for the second week, it will be around half,” said Peter Sand, chief analyst at Xeneta. “The downturn pace in recent weeks has been very fast and it looks like carriers misread the low volumes of a nonexistent peak season.”
The period between late summer and early fall typically is the busiest time of year for the largest carriers, as retailers and other importers build inventories ahead of the holiday shopping season. (more)
A year ago, the port of Los Angeles was backed up with numerous boats waiting to be unloaded. Joe Biden said that the ports would remain open to relieve the bottleneck. No one ever listened.
Now it looks like the solution to the shipping issue was to destroy the economy so that demand for goods from overseas reached rock bottom.
By destroying the economy Biden dealt with the shipping crisis.
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