In Depth: How China’s Export Surge Left the Shipping Industry With a Hangover

Falling freight rates are a sign of overcapacity in the sector, just as a host of new vessels ordered during boom times are about to be delivered..

Since early March, two of China’s largest container truck yards near the major port city of Ningbo in Zhejiang province have been filled with nearly 3,000 idle vehicles with no cargo to haul.

Traffic at the Hengpu and Beilun parking lots, which primarily serve the port, has dropped dramatically over the last two years, several truck drivers told Caixin. During the shipping boom in 2021, some drivers would make 27 cargo deliveries per month on average, they said. Now, they’re happy if they can do two a week………….   

https://en.caixin.com/2023-04-04/102017577.html