Get ready for years of chaos in the ebb and flow of container shipping
Not moving empty boxes during Covid has led to a glut in the west and a shortage in the east, pushing rates sky high
The world’s cargo ships just can’t seem to get their act together.
First there were the queues at the twin ports of Los Angeles and Long Beach, which left as many as 40 container vessels awaiting a berth in early February amid a flood of traffic. Combined volumes at the terminals hit a record 1,9 million containers in May, nearly double the Covid-19 low in March 2020.
Then the Ever Given, a 20,124-container behemoth, got stuck in the Suez Canal for nearly a week, delaying hundreds of ships between Asia and Europe. Now, the port of Yantian in the Chinese city of Shenzhen is joining the fun, thanks to a coronavirus outbreak that’s thrown out schedules for the entire month...