Asian container shipping firms see business shift as war lifts freight rates 

RIYADH: Profits of container shipping companies in China and Taiwan reflect how the sector is dealing with global disruptions, at a time when the war on Iran is dampening hopes of reopening the Red Sea and driving freight rates up, providing a welcome breather after a year of declining profits. Both China’s Orient Overseas International and Taiwan’s Evergreen Marine reported sharp declines in profits, as the prospect of reopening the Red Sea shipping route before the war began exacerbated the oversupply that kept prices low for most of last year.

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