29 Sep Shipping Crunch Continues. Click to keep reading…
Many retailers are scrambling to bring in goods prior to the holiday shopping season creating severe port congestion and contributing to the already very lengthy shipping delays. The harbor in Southern California is experiencing a record high number of ships waiting to unload cargo. Port authorities are attempting to jockey ships to nighttime and weekend operations, but drivers and tenants are not complying. Don’t expect a quick resolution to the delays.
While the container ships are forced to anchor and await berth space, companies importing and exporting goods to and from Asia expect additional shipping delays and higher transportation costs. Last week, Judah Levine, the Head of Research at Freightos, told Insider shipping prices between the two regions have jumped 500% from this time last year.
Learn more at Business Insider.