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Lockdown Lemmings Have Broken Global Shipping
Over a year since the global shutdown logistics are still a total shambles and will remain for most of 2021
Cargo ships have been delivering their loads later than ever this year, adding to the supply-chain woes that are undercutting efforts by retailers and manufacturers to capitalize on resurgent economic demand.
Only about 40% of container ships globally were on time arriving at ports in March, according to an analysis by Denmark-based Sea-Intelligence ApS, with average delays stretching to more than six days. The slowdowns improved from February, but remained far behind reliability levels of the previous two years, when more than 70% of ships arrived on time.
The delays around the world, the result of a large-scale restocking by businesses as consumer demand improves, are tying up vessel capacity, adding to a shortage of sea containers needed to move goods and sending shipping costs soaring as container freight rates rise at a historic pace.
For companies shipping goods, the delays are part of an array of headaches disrupting supply chains as U.S., European and Asian economies rebound from the steep retrenchment last year brought on by the Covid-19 pandemic. Rising raw materials costs, shortages of finished goods and components such as semiconductors and lumber, shortfalls in the supply of workers, and capacity crunches in transportation networks have knocked companies off balance as demand across a range of sectors has recovered.
The shipping delays that started building up late last year worsened during a normally slack period in shipping demand early in the year. They have tied up inventories in some cases for weeks at a time as vessels wait to reach berths while offloaded containers sit for long periods at packed freight terminals.
Shipping executives say the greatest delays have been at Southern California’s neighboring ports of Los Angeles and Long Beach. Heavy demand by U.S. importers to restock inventories depleted during the past year’s Covid-19 restrictions has swamped the largest U.S. trade gateway and triggered heavy logjams of ships off the coast.
“It [normally] takes 14 days to sail from Shanghai to Los Angeles; today it takes 33 days,” said Vincent Clerc, chief executive of ocean and logistics at Denmark’s A.P. Moller Maersk A/S, the world’s biggest container operator in terms of capacity. “The sailing time is the same, but you spend twice the time waiting to unload at the San Pedro Bay.”
“We have invested millions of dollars in extra capacity, but a large part of that capacity is immobilized because of congestion in the U.S. West Coast,” Mr. Clerc said…...More Here
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