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A slowdown in China’s steel production is curbing demand for bulk ships to transport iron ore, driving a steady decline in global freight rates from October’s peak.

Ocean shipping rates are expected to stay elevated well into 2022, setting up another year of booming profits for global cargo carriers — and leaving smaller companies and their customers from Spain to Sri Lanka paying more for just about everything.

Ships looking to avoid COVID-induced delays in China are making a beeline for Shanghai, causing growing congestion at the world’s biggest container port.

Facing a loss of business to larger container ports in Southern California, the Port of Oakland will permanently expand its agriculture export business beginning March 1.

The British International Freight Association is calling on the U.K. government to investigate the state of competition within the global container-shipping market, as transportation costs remain elevated heading into the third year of the pandemic.

As traditional brick-and-mortar and online retailers reported record holiday shopping numbers, experts say the nation’s transportation sector handled the crush of moving hundreds of millions of packages with relatively little difficulty.

Ocean freight rates on goods shipped to both U.S. coasts from Asia fell to the lowest levels since July, reflecting an easing of supply strains after the pre-holiday shipping frenzy that fanned inflation fears in the world’s largest economy.

South Korea’s exports are on track to post an annual record, buoyed by year-end holiday demand and higher product prices even as supply chain bottlenecks continued to pressure manufacturers.

As the nation’s retailers and shoppers gear up for the holiday shopping sprint, two of the nation’s busiest ports, Los Angeles and Long Beach, say they are making progress clearing up the tens of thousands of shipping containers that have been backlogged at their facilities.

Ocean freight rates, which have pummeled retailers and manufacturers throughout 2021, may take more than two years to return to normal levels if past market cycles are any guide.