Eh, there's a lot here to unpack here. For several years many ocean carriers took losses, and some were in danger of going bankrupt as Hanjin Shipping did in 2016. It was a shipper's market for so long with such tight margins, and competition drove the rates into the dirt and at times shipping was at unprofitable levels for ocean liners. Nobody was concerned with global carriers operating at a loss so long as they could get their cheap shit across the ocean for dirt cheap.
1,000% is quite a bit of an exaggeration overall. Maybe at the highest end, but that's not an average by any means across the industry for all trades and commodities. I'd like to see where he's getting those numbers. Rates in the trade I'm familiar with have gone up about 300%-400% on the highest end of our most expensive lanes. Regardless, the steep rise in shipping rates post-COVID has been mostly driven directly by supply and demand. There has been congestion all over the world. You've had 100+ container ships just sitting off the coast of Long Beach at times unable to birth with hundreds of thousands of TEUs just sitting on the water. Container yards and terminals packed with containers and not enough truckers or equipment to move them out efficiently. This had created a huge worldwide container shortage, leading to shippers outbidding each other to use what little containers and space was left available. That's where most of the price increases have come from. Customers volunteering to pay more and outbidding each other for allocation. Fuel increases also played a part. Bunker costs alone are almost as much if not more in some instances as what all-in rates were pre-pandemic. I'm also curious if he's counting whatever NVOCCs and freight forwarders are adding on top for their profits as part of that 1,000%.
So while, yes, ocean carriers have been having a great couple of years and are actually making some good money, it's not because they are just price gouging or taking advantage of a shitty situation like the Biden administration is implying.