Port congestions in North America and Europe continue to put pressure on the Carriers’ schedules, as vessels are not making the journey back to Asia timely.
The port overwhelms in Los Angeles and Oakland (currently 1 to 3 weeks waiting time) has had ripple effects worldwide, with the Suez Canal and Yantian recent crisis adding fuel to fire.
This has forced the vessel operators to skip sailings (blank sailings) hence further reducing capacity anywhere between 30,000-75,000 weekly.
With US import demand from Asia at all-time high, shippers and logistics suppliers must brace to handle continued record price surges.
“US imports from Asia in January through May increased 40.2 % over the same period last year, and 25.5 % from January through May 2019” (PIERS).