LONG BEACH, Calif., Feb 27 (Reuters) - Collapsing ocean shipping rates are not all good news for U.S. retailers, who paid as much as $20,000 to move a container of goods during the worst pandemic disruptions, as they now are bracing for delays due to plummeting demand.
dolls to the short-term spot market from the long-term contract market.
Volatile spot rates were the first to plummet when pandemic-weary consumers shifted spending from goods to travel and entertainment.
Previously loyal customers are aggressively comparison- shopping, spreading their business around and gambling on the spot market, experts said.
This time around, importer and exporter shipping managers, whose costs exploded when they were unexpectedly forced into the sky-high spot market, have the upper hand.