The carrier ordered ships during the pandemic boom. They are arriving into a very different market. Northgate Shipping said on Friday that it would retire or sell twenty-eight vessels over the next two years, roughly a fifth of its fleet, after container rates fell to their lowest level since 2019. The company ordered most of the ships in 2021 and 2022, when rates were at record highs. Deliveries have continued even as demand has cooled. Analysts expect other carriers to follow. The industry’s order book still represents nearly a quarter of the existing fleet. Companies that ordered workers back are discovering that their buildings were sized for a different decade.Northgate Shipping to cut its fleet by a fifth as freight rates slide
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