Annotation
Confirmed. Transpacific spot rates (Shanghai–LA) fell from over $12,000/FEU in September 2021 to below $1,000/FEU by March 2023. Container volumes to the US dropped nearly 20%. Carrier profits collapsed. The 'Great Recession' framing proved accurate for the 2023 freight market, which saw the worst downturn since 2009. After his October 2021 thread diagnosed the port congestion crisis, Petersen was among the first logistics insiders to call the dramatic reversal — from diagnosing congestion to calling overcapacity within 14 months.
#economy#transportation