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FreightWaves SONAR: Carrier Cuts Send Trans-Pacific Rates Into Orbit
Written by Greg Miller, Senior Editor, FreightWavesThis will raise eyebrows no matter how innocently it arose: Carriers intentionally cut trans-Pacific sailings to align capacity with virus-stricken demand, but demand turned out to be higher than expected. Spot rates skyrocketed and some analysts now predict rates could fuel big profits for carriers in a year when U.S. importers face a pandemic-induced recession.