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Week 33 Freight Updates

August 18th, 2021

With operations at the Port of Ningbo’s Meishan Terminal temporarily suspended due to the report of a positive COVID-19 case, ongoing shipping delays and lengthy order lead times are on track to keep growing. As of last Friday, “in two days the average number of weekly port calls to Ningbo has plunged 70% from nearly 200 container vessels to fewer than 60 this week as ocean carriers divert vessels and initiate blanked sailings to and from the port,” according to project44.

The situation’s impact on container congestion is already taking a toll on European intermodal services as reports of increased barge delays start to emerge. The resulting rise in ocean freight rates is causing some shippers to turn to air as well in order to mitigate supply chain bottlenecks.

Meanwhile, recent data has revealed a new baseline for U.S. imports from Asia that’s “approximately 30 percent higher than over the past two years and can be attributed primarily to the rapid growth in online shopping during the pandemic,” according to JOC. And this year’s peak season will definitely feel the residual aftershocks of this heightened baseline.

Also, businesses hoping to see an improvement in the worldwide chip shortage may be disappointed to hear that today’s scarcity “may stretch into 2023,” according to Infineon Technologies, Germany’s biggest semiconductor company. To learn more about this week’s top international shipping industry news, check out the following article highlights:

More supply chain delays as Ningbo port congestion worsens

More supply chain delays as Ningbo port congestion worsens

The closure of a critical container terminal at the Port of Ningbo in China because of a COVID infection is having swift ripple effects that are likely to spread worldwide, adding to shipping delays and stretching order lead times as companies try to stock shelves for the holiday shopping season.

Congestion in China's ports puts the brakes on European intermodal traffic again

Congestion in China's ports puts the brakes on European intermodal traffic again

Barge delays have returned just days after European intermodal services reported a return to normality.

Tight ocean market, peak preparations drive strong demand for airfreight

Tight ocean market, peak preparations drive strong demand for airfreight

Demand for airfreight in July, as measured by chargeable weight, was flat compared to the same month in 2019 and up 23% over 2020.

Sustained U.S. imports point to new trans-Pacific volume floor (sub. required)

Sustained U.S. imports point to new trans-Pacific volume floor (sub. required)

Year-over-year growth in U.S. imports from Asia slowed in July from the previous month, but the 13th consecutive month of annual growth in volume is yet another sign that a new baseline has been established in the eastbound trans-Pacific.

Global Chip Shortage May Last Until 2023, Infineon CEO Says

Global Chip Shortage May Last Until 2023, Infineon CEO Says

The global chip shortage that’s hampering companies from carmakers to computer manufacturers may linger for years, according to Germany’s biggest semiconductor company, Infineon Technologies AG.

2021-08-18T11:25:05+00:00August 18th, 2021|Shipping News|
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