A strong Chinese economy creates a virtuous cycle for ocean shipping. The manufacture of goods fills container ships and car carriers on the way out, and directly or indirectly drives demand for bulk commodities that fill bulkers and tankers on the way in.

Exports became even more important to China’s economy in recent years as COVID curbed domestic consumption and a credit crunch squeezed property development. Now, Western demand for Chinese containerized exports has dropped just as the post-COVID rebound in Chinese domestic spending is faltering.