For decades, steamship lines have had an unspoken pact with shippers: If you’re willing to wait many weeks to have your cargo delivered, we’ll transport it thousands of miles for you, and do it for cheap. Even with relatively affordable rates, the lines made oodles of money by piling containers – as many as 24,000 TEUs on the latest ships – onto a single vessel.
All that changed with the pandemic as the lines cut capacity to address greatly decreased demand. As factories re-opened and as consumers starting shopping again, demand for container space soared – but vessel capacity did not.