Shipping Stocks Crash After JPM Points To Latest Freightwaves Recession Alert Shipping Stocks Crash After JPM Points To Latest Freightwaves Recession Alert Yesterday, in " US Import Demand Is Dropping Off A Cliff ", we noted that Freightwaves (best known for sparking a crash in freight stocks at the end of March when the company''s CEO said that a " freight recession is imminent" ) warned that "despite the strong levels of inbound cargo during the first five months of 2022, import demand is not just softening — it’s dropping off a cliff" or 36% in just the past few weeks… ... as retailers (ahem Target and Walmart) "suddenly" realize they have over-ordered way too much inventory, and noted that as a result, "Drewry’s container spot rates from China to the West Coast have plunged 41% month-over-month to $9,630." While there is much more in the full note , the gist was simple: shipping rates are sliding and are set to fall further as demand for cargo evaporates with the US sliding into recession. We bring this up because this morning JPMorgan also brought it up, with the bank''s European Transport and Logistics analyst Samuel Bland writing that a note titled "Freight Markets" (available to pro subscribers in the usual place), in which he draws attention to the FreightWaves article which he says "suggests that US import volumes of containers have fallen sharply in recent weeks.