U.S. ocean imports closed 2022 extending a monthslong slide closer to prepandemic levels, according to a new report, leaving the shipping sector bracing for deeper declines in container volumes this year.

Freight forwarder Flexport Inc. is cutting about 20% of its global workforce, or more than 600 workers, as the digital-focused business copes with falling shipping demand and repositions its operations to offer more supply-chain services.

Improved booking prospects show the Asia to Mediterranean tradelane is proving more resilient than the North European market, prompting the 2M Alliance to reinstate a voided sailing.