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CNBC reported that one of the worst-impacted shipping routes is from Asia to Europe. The Shanghai Containerized Freight Index indicated that shipping costs have fallen 82 percent in just over two months to $211 per 20-foot container.
Philip Damas, director of Drewry, told CNBC that this decline in rates is due to decreased demand in certain markets, such as China, and larger container ship inventory.
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Brendan Menapace
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Brendan Menapace is the content director for Promo+Promo Marketing.
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