Food is piling up in all the wrong places, thanks to carriers hauling empty shipping containers.
Global competition for the ribbed steel containers means that Thailand can’t ship its rice, Canada is stuck with peas and India can’t offload its mountain of sugar. Shipping empty boxes back to China has become so profitable that even some American soybean shippers are having to fight for containers to supply hungry Asian buyers.
The core issue is that China, which has recovered faster from COVID-19, has revved up its export economy and is paying huge premiums for containers, making it far more profitable to send them back empty than to refill them.
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