The new route connects the South Korean port of Busan and Russia’s port of St. Petersburg and involves the port of Vladivostok as a transit hub and then the Trans-Siberian Railway to move container cargo to Russia and other European destinations.

“Trade wars never produce winners. Governments must remember that prosperity comes from boosting their trade, not barricading economies,” the International Air Transport Association said.

Global trade-oriented blockchain solutions are moving from pilot to purported commercial viability in Asia and Europe, as shippers evaluate whether blockchain is something in which they should invest in the short term and which project to back.

All three carriers in Ocean Network Express highlighted the supply-demand balance as having an influence on container industry financials, with freight rates stronger than during the previous year but lower than expected.