SEOUL - An online home shopping boom in the US has sent transpacific sea freight rates to the highest on record, helping the container shipping industry in Asia.
The increased consumer demand has seen shipping rates on the transpacific route almost triple from this year's low in March, when the coronavirus pandemic led to border closures and a near halt in economic activity. "The coronavirus outbreak has changed the way consumers spend money," said Um Kyung-a, an analyst at Shinyoung Securities in Seoul."Because they're at home more than ever, most of the money they spend is to improve their quality of life, and that's benefiting shipping companies."
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