“If (carriers) keep bumping containers, we could end up missing Christmas,” Isaac Larian, chief executive of MGA Entertainment, told Reuters.
The company is paying around $1,150 per container – a cost savings of more than $18,000 from peak, Larian said.
A large crane lifts shipping containers onto a 2-mile-long train at the Long Beach Container Terminal.Before declining demand, carriers earned record revenue by focusing on the most profitable cargo, and critical customers had to fight for space and the likes of Walmart, Costco Wholesale and Dollar Tree chartered ships to keep shelves stocked.
“It is shippers’ revenge,” said Jon Monroe, an industry consultant and North American representative of Singapore-based Transfar Shipping, whose investors include China e-commerce giant Alibaba. The nonbinding nature of ocean contracts drives customers or carriers to push for everything they can get when leverage swings their way, said Lawrence Burns, a consultant who formerly handled negotiations for Hyundai Merchant Marine.“They’ve been called into the CEO’s office too many times in the last two years. They’re coming back for blood,” Burns said.
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