Shipping companies are transforming rust buckets into gold mines in modern-day alchemy that could fuel already rampant inflation for years to come. The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for aging container ships to record highs. Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years, which means consumers could carry on paying the price for the surge in costs until hundreds of new ships on order come into service. Take the Synergy Oakland, a mid-sized vessel flagged in Cyprus that can carry more than 4,200 20-foot steel containers. Greek firm Euroseas bought it in 2019 for $10 million when it was already a decade old. As world trade spiralled into chaos last year, it raked in $21 million in just over 100 […]