Shipping rates saw a significant divergence in May. Container rates for shipments out of China broadly increased 3.3%, though those from Shanghai fell 6% due to earlier congestion-inspired gains unwinding. Trans-Pacific routes increased modestly, though earlier declines mean China-U.S. rates are 10% lower for the second quarter on average vs. the first. That may reverse after rate increases by Hapag-Lloyd, CMA-CGM and Maersk take effect in June. Bulk shipping rates saw a significant drop, with a 21% slide the result of earlier Panamax capacity shortages unwinding. Fundamentally though...