A major shipping company has raised its 2022 financial forecast, thanks to soaring container rates caused by more pandemic-related disruption at ports in China.
The company, which moves approximately 17% of the world’s shipping containers, expects to it deliver a huge increase in free cash flow.
Even though the number of containers on in transit fell 7% in the first three months of the year – a consequence of Chinese lockdowns and the war in Ukraine – rates were up by 71% compared with 2021.