Global supply chain imbalance, Europe and US shipping capacity is tight, small and medium-sized enterprises hard to find a container
Since April, due to emergencies such as the blockage of the Suez Canal and the outbreak of COVID-19 in some countries, the transport capacity of major routes, including China, has been strained, and the supply and demand of transport capacity have been severely unbalanced. As a result, the increase in freight rates has become a common phenomenon around the world.Global supply chain imbalance, Europe and US shipping capacity is tight, small and medium-sized enterprises hard to find a container.
"The price for a 40-foot container from Qingdao to Chicago is $22,000," Jing Xiaoye, sales manager of Qingdao Sweet International Logistics Co., LTD., told 21st Century Economic Report on July 29 about the latest shipping price. Over the same period, the price of a trip to Cabello, Venezuela, rose to $22,000.
Beset by feverish freight rates, Mr Ikoshi's customers now ship less than a quarter of what they did before the outbreak, and they worry that continued high prices will force American customers to switch supply chains and countries of origin.
Maersk has released its Asia Pacific Market Update (July 2021) report. The market outlook for the second half of this year remains uncertain due to the imbalance between global trade supply and demand, according to the report. On the demand side, high household savings among US and European consumers helped to boost consumer demand. As global vaccination rates increase and lockdown measures are lifted, demand for travel will gradually increase, helping to rebalance supply and demand by boosting travel and lifestyle spending. As a result, demand for restocking is expected to continue at least through the end of the year. But supply side delivery times remain long, and it is hard to predict when container shortages and capacity shortages will ease.
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