Volatile weather is a peril of the high seas. Volatile markets are similarly treacherous for the container-ship industry, which carries 80% of the volume of internationally traded goods. A global pandemic, which kept people at home with little else to do but buy, buy, buy, sent container rates sky-high. In 2022 shipping lines’ return on capital exceeded 40%; the biggest earned profits that were three times the total for the previous two decades combined. Rates and returns tumbled as demand waned and shipping companies started to receive the new vessels ordered during the boom. Then attacks by Houthi rebels on ships in the Red Sea
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