China coronavirus infection closes shipping terminal at massive Ningbo-Zhoushan Port as container rates soar

The world’s largest shipping port by cargo tonnage has shut down one of its key terminals following a confirmed case of Covid-19, putting further strain on the global shipping industry and disrupting supply chains.The news came as container shipping rates from China and Southeast Asia to the east coast of the United States hit a record high of more than US$20,600 per 20-foot equivalent unit (TEU) – the standard measure for freight container volume – according to the Freightos Baltic global…

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