‘TikTok’ of rising ocean rates as China prospects improve

Positive signs surrounded trade negotiations taking place this week in Madrid between China and the United States, led by reported progress on a deal for social media platform TikTok, that could ultimately benefit trans-Pacific shipping. More good news was rate improvement for containers heading from China to the U.S. West Coast, which increased 7% to $2,309 per forty foot equivalent unit (FEU) as of Sept. 16, according to consultant Freightos (NASDAQ: CRGO). That was also 34% higher than at the end of Au ...