AP Møller-Maersk has warned of growing economic risks, including potential stagflation and Chinese factory closures, even as it reported a record quarter where revenues rose 55 percent. 

• Maersk downgraded its growth forecast in the shipping industry this year to a potential small fall based on a “sharp decline” in freight rates in the second half.

Shippers and carriers are facing extended vessel wait times at Ningbo, China as facilities at the world’s third busiest container port become congested with cargo diverted from Shanghai, according to UPS.

Congestion is easing at U.S. coastal ports while Shanghai remains under lockdown, per Flexport.

Some carriers added more blank sailing to the end of May and into June, including to the US East Coast, but are attributing them to growing delays and congestion instead of a response to falling demand, according to Freightos.

In Europe congestion is still a problem in several ports, causing re-routings and further delays, said Flexport.

Air Cargo operations out of China are still below normal but are expected to rise as soon as Covid-19 related restrictions expire, creating future capacity concerns, said UPS.