Port Congestion Worsens; Freight Rates Rise
Still-surging U.S. demand for Chinese imports saw Asia-U.S. West Coast ocean rates climb more than 5 percent again this week (Feb.22), at a time when demand for ocean freight (and spot rates) normally level off and begin to decrease in the weeks after Chinese New Year (see chart below), according to freight marketplace Freightos. China-U.S.…