Supply chain backlogs, reminiscent of what we faced in the pandemic, appear poised to make a comeback.
This time, the international shipping industry is facing a slew of problems all at once. The chaos now causing global shortages and rising prices.
“It has really dramatically lengthened the time to deliver cargo, which is a reduction of supply in shipping capacity and that’s led to huge price increases,” explained Flexport CEO Ryan Petersen during an interview Friday with Bloomberg. "It is frustrating. It is difficult and at times it’s impossible. So, you do what you need to do to get the goods in," saidErik Devetak, the chief technology and data officer with Xeneta, tells us amid all of this carriers are raising rates.In December, it cost around $2,000 to ship a container from Shanghai to New York. Now it’s $8,000 for the same container.
Shipping Prices Shortages Suez Canal Strike Panama Canal Inflation
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