Trading places: shippers bask in the glow of falling rates, little congestion.(SPECIAL REPORT: CONTAINER SHIPPING)

Shippers, rejoice! The nirvana you have been seeking for the last few years is arriving on schedule. Ocean freight rates are falling, and port congestion delays have been fended off for the time being. Steamship companies have ordered so many new ships that they are facing overcapacity on many routes, and hence they are cutting freight rates to fill their newly delivered bottoms.

But perhaps your joy should be somewhat constrained. After all, transporting goods from ports to stores is still plagued by such problems as driver shortages and inter-modal and highway congestion. For now, however, the ocean leg of your supply chains is working quite smoothly, especially if soaring bunker surcharges are fixed as part of your freight rates.

It looks like your state of grace will last several years, even as trade volumes continue to grow. Steamship companies are scheduled to take delivery of some 400 new container ships this year, which will boost the total container fleet capacity by 16.6 percent by the end of the year, according to …