Supply chains are not out of the woods with COVID just yet. As expected, the weeklong lockdown in Shenzhen is causing ongoing disruptions. Despite easing restrictions, there’s a lengthening queue of vessels waiting to berth, and the city’s three main container terminals have announced they will only accept containers with an estimated berthing time of four days (ETB-4) as of March 21. Additionally, several shippers have ceased or suspended counter services in both Shenzhen and Shanghai.
Things have been settled between CP and the rail workers union. The agreement with Teamsters Canada Rail Conference “enables us to return to work effective noon Tuesday local time,” Canadian Pacific President and CEO Keith Creel said in a statement. The railroad will work with customers to resume normal freight operations as soon as possible.
In the US, the Biden administration has launched a new initiative—the Freight Logistics Optimization Works, or FLOW. The objective is to share data on the movement of goods along the supply chain, offering greater transparency. The US Department of Transportation will lead the project and hopes other interested parties will come on board.
Russia’s invasion of Ukraine has resulted in a drop of 58% in seaborne trade as sanctions take hold and danger to merchant ships in the area increases. The conflict is also expected to impact the world’s merchant fleet’s ability to find crew members for its vessels.
Finally, both the ports of Los Angeles and Long Beach reported record volume for February. Volumes are expected to remain high throughout the spring.
For the rest of this week’s top stories, check out the article highlights below.
