CNBC News Report on the State of Global Shipping
July 5, 2021
What’s Causing The Container Ship Traffic Jam Clogging Up Global Trade? Here is an excellent…
CNBC News Report on the State of Global Shipping
What’s Causing The Container Ship Traffic Jam Clogging Up Global Trade?
Here is an excellent CNBC news report on the state of the current global shopping industry from the July 2nd on YouTube – it’s about 10 minutes long and covers all of the points we have been making in the past 12 months about the issues we are facing with shipping – it’s well worth ten minutes of your day.
Around the world, some important ports are experiencing a massive influx of containers, resulting in long supply delays.
Trade wars, high demand, and a pandemic have created a perfect storm for the container ship industry, which is trying to stay organized in the face of a wave of market unpredictability.
The Ever Given, which clogged up the super important Suez Canal back in March of 2021, was the canary in the coal mine for recent global trade slowdowns.
But before this calamity, disruptions from the Covid-19 pandemic hit port after port, with the aftershocks hitting the consumer market.
In 2019, 11.1 billion tons of goods were moved across the world’s oceans.
And according to the World Shipping Council, the liner industry moves more than $4 trillion in goods annually. These vessels depend on people to get them from A to B and the complex logistics systems that make up the global trade network.
But what happens when things don’t go according to plan?
