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Ocean freight rates on goods shipped to both U.S. coasts from Asia fell to the lowest levels since July, reflecting an easing of supply strains after the pre-holiday shipping frenzy that fanned inflation fears in the world’s largest economy.

South Korea’s exports are on track to post an annual record, buoyed by year-end holiday demand and higher product prices even as supply chain bottlenecks continued to pressure manufacturers.

As the nation’s retailers and shoppers gear up for the holiday shopping sprint, two of the nation’s busiest ports, Los Angeles and Long Beach, say they are making progress clearing up the tens of thousands of shipping containers that have been backlogged at their facilities.

Ocean freight rates, which have pummeled retailers and manufacturers throughout 2021, may take more than two years to return to normal levels if past market cycles are any guide.

Shipping routes for the transport of iron ore from Australia to Japan and containerized goods from East Asia to Europe are at the center of plans to slash maritime carbon emissions by 2030.

GLASGOW, Scotland — Major shipping companies on Nov. 5 called for governments to put more money into researching and developing cleaner technologies to help the industry reduce its greenhouse gas emissions.

The world’s largest shipping hubs are suffering elevated levels of congestion as containers pile up at seaports from Singapore to Greece’s Piraeus.

With shoppers already starting to purchase gifts and other items earlier than usual for the upcoming holiday season, concerns are growing that the already strained international supply chain will not be able to handle the crush of goods.

As volumes continue to surge at the nation’s ports on the coasts of the Pacific, Atlantic and Gulf of Mexico, two of the nation’s biggest facilities — Los Angeles and Long Beach — are taking the first steps to expand their hours of operations to 24/7 to keep up with the backlog of freight.

An owner of commodity hauling freighters said rates for the ships are close to the point of spiking sharply higher and mirroring an unprecedented surge in costs for transporting manufactured goods.