As US importers liquidate and destroy unsold goods, ports eye shipping turnaround

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By Lisa Baertlein LOS ANGELES (Reuters) – The leader of the busiest U.S. seaport on Friday said February’s cargo volume hit the lowest level since the start of the pandemic as inflation and economic upheaval hurt demand, and signaled that activity may not pick up until the second half of this year. “This is a global phenomenon. We may not be at the height of the pandemic, but there are more container vessels sitting idle around the world today than at any time since it began,” Port of Los Angeles Executive Director Gene Seroka said on Friday. He and other ocean shipping experts say a turnaroun…

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