Sky-high inflation and the Fed’s hawkish stance to curb it have resulted in significant market volatility this year. Amid the declining global consumer demand, recession fears, and falling freight rates, the shipping industry is facing issues of having too many containers.
However, the domestic shipping industry is anticipated to be boosted by the $703 billion investment made by the U.S. Department of Transportation for advancing port facilities across 22 states and one territory through the Maritime Administration’s Port Infrastructure Development Program.
