A significant consumer pullback is showing up in ocean shipping, with logistics managers telling CNBC they have seen a 20% drop in ocean freight orders for the months of September and October. The decline in demand cuts across many products, including machinery, housing, industrial and some apparel. Logistics CEOs explain to CNBC the reason is a combination of too much inventory coupled with a lack of clarity on consumer demand.
The ocean shipping trend echoes recent comments from logistics industry executives. Georgia Port Authority executive director Griff Lynch said he expects the number of waiting ships to drop over the next several weeks after seeing historic vessel calls.
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