An index that tracks global container rates has plunged 75% from a year ago.
The downturn has also affected the US trucking business, prompting the Fed to acknowledge the "freight recession".
Respondents indicated that there was a freight recession, and it was more difficult to find loads.
While global freight trade has declined from its historic highs during the coronavirus pandemic, levels could be returning to their pre-pandemic norms.
But for those who attach value to the shipping industry as a barometer of health for the wider US economy, the outlook remains gloomy.
Persons:
Aaron P
Organizations:
Service, Federal Reserve, Drewry, Container, Dallas, Triumph Financial, Trucking, Packaging Corp
Locations:
Wall, Silicon, America