Ocean carriers have reportedly been cancelling dozens of sailings on the busiest routes during their peak season, the most recent sign of the economic whiplash touching firms as inflation weighs on global trade and consumer spending.
The cancellations in October 2022 are a sharp reversal from a few months back when the scarce shipping space pushed the freight rates higher and the carriers’ profits touched record levels. In October 2021, firms like Walmart and Home Depot were chartering their...