The $1 trillion container shipping industry is in a slowdown. Literally. Some shipping lines, whose retail customers are being hammered by the coronavirus pandemic, are reducing sailing speeds and taking longer routes around Africa, avoiding Suez canal passage fees, according to the companies and ship-tracking specialists. Many are also cutting down the number of voyages and providing short-term storage for clients as the industry, which includes heavyweights like Maersk ( MAERSKb.CO ), MSC and Hapag-Lloyd ( HLAG.DE ), faces its biggest downturn since the 2008 financial crisis. The new tactics not only save on costs, but also help adapt to the needs of cash-crunched retailers – among their biggest customers – who are stuck with huge inventory surpluses thanks to COVID-19 store closures and a collapse in consumer demand. Slower shipping times also means importers can delay payments made on delivery. From sportswear maker Puma […]