The US is facing a supply-chain crisis as 21 cargo ships float off the coast of LA waiting to dock msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Wednesday, Apr 14, 2021 - 02:45 AM
Bad news for US importers searching for cheap shipping container rates, that is, rates are as up much as 50% than one year ago. Increasing shipping costs are crimping margins of importers that will ultimately have to be passed onto consumers.
Take, for example, the Asia to North American trade line last week was approximately $2,500 to $3,000 for a 40-foot container, about a 25% to 50% increase than the previous year, George Griffiths, an editor on the global container freight-pricing team at S&P Global Platts, told Bloomberg. Shipping costs create massive headaches for US importers, he said, adding that, the logistical issues they are facing today are extreme.
From beer to flat-pack furniture, Suez blockage offers a global trade snapshot foxbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxbusiness.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Saturday, Apr 03, 2021 - 06:00 PM
For many months ports of Los Angeles and Long Beach have dealt with massive congestion of ships as trillions of dollars in stimulus results in one-sided trade with Asia. The congestion is so bad at the US West Coast port that the port s head told importers to expedite container pickup to alleviate congestion on Tuesday. The container dwell time is much higher than it was pre-pandemic, Port of Los Angeles Executive Director Gene Seroka told CNBC, referring to the duration a container spends at the port. We re asking our importers to pick up the cargo as quickly as they can, devan the products and return those containers back to the port, Seroka said, who added the port is the busiest in North America.
The ports are setting records moving cargo, Louttit told The Journal.
California port backlogs are already helping drive shortages and delivery delays in the US
California s port delays seemed to have peaked in early February but have persisted in recent months.
On January 30, Southern California port congestion hit a record high when 38 container ships were waiting along the coast for room to open up to dock and unload.
Gene Seroka, a Port of Los Angeles executive, warned the Los Angeles Board of Harbor Commissioners in February that high import levels caused by increased spending during the pandemic were driving port congestion.