Shipping rates were highly volatile during the second quarter, but when zooming out they moved only a little in aggregate. Container rates increased by just 1% vs. the prior quarter despite capacity shortages, strikes and cyber-security issues. Yet, by region U.S. rates dropped by as much as 10% while Persian Gulf rates jumped 31%. The latter partly reflects the Qatar diplomatic dispute. That also led to an 8% drop in oil prices due to concerns about OPEC’s cohesion. In turn bunker fuel costs fell by 6% and tanker rates slumped 15%. The Baltic Dry Index increased 6% despite a drop in ...