• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

The worst is over for global supply chains, but trade group says shipping faces lingering issues

by
November 24, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

US debt interest payments are unsustainable and flash ‘huge warning signs’ as they take over federal spending, budget expert warns

Retired? You May Want Stocks, Not Bonds, to Power Your Portfolio

Investors pulled $19 billion from stocks in the last week, the highest outflow all year amid surging bond yields and Fed jitters

Watching the Real-Estate Bust From the Streets of San Francisco

The MSC Regulus container ship, operated by Mediterranean Shipping Co. (MSC), left, the Monte Verde container ship, operated by Hamburg Sud, centre, and the OOCL Germany container ship, operated by Orient Overseas Container Line Ltd., docked at the Port of Felixstowe Ltd., a subsidiary of CK Hutchison Holdings Ltd., in Felixstowe, U.K., on Thursday, June 24, 2021.

Chris Ratcliffe | Bloomberg | Getty Images

The worst is over for global supply chains, but not all problems the shipping industry faces have gone away, said the chairman of a shipping association.

“There may still be swings, but overall, I think the worst is over,” Esben Poulsson, who chairs the International Chamber of Shipping, told CNBC’s “Squawk Box Asia” on Tuesday.

Poulsson explained that retailers had made a “significant level” of pre-orders, and that should help ease shortages of goods. In addition, new container ships are being built and will add to existing capacity in the next 24 to 36 months, he said.

Global trade rebounded strongly after a slump in the initial months of the Covid-19 pandemic.

Freight rates spiked as shipping companies, logistics providers and ports struggled to keep up with the jump in trade volume, while Covid resurgences in parts of Asia earlier this year threatened the supply of goods from electronics and auto parts to coffee and apparel.

The World Container Index compiled by Drewry, a maritime research and consulting firm, indicated that global freight rates inched 0.5% lower to $9,146 per 40-foot container in the week of Nov. 18 compared with a week ago. But rates remained 238% higher than the same week last year.

The shipping industry still has some lingering problems, said Poulsson. That includes the difficulties in crew changes and the slow progress in vaccinating seafarers, he said.

Many countries have continued to impose travel restrictions to curb the spread of Covid. That has impeded the ability of some seafarers to travel between ships — their workplace — and their countries of residence.

Such a situation was made worse by seafarers’ limited access to Covid vaccines at a time when many countries require travelers to be fully vaccinated.

Poulsson said more seafarers have been vaccinated, which offers “some improvement” to the situation. A report by the non-profit Global Maritime Forum said the proportion of seafarers who have been vaccinated rose from 31% in October to 41% this month.

But “this problem has not gone away,” said Poulsson. He explained that his organization has been urging governments to designate seafarers as “key workers” so that more could be prioritized for vaccination — but many countries have failed to do so.

“Although there have been some change and some improvements, the problem has not gone away and will not go away until governments fulfil their obligations properly,” he said.

Next Post

Is Snowflake Stock A Buy? Data Analytics Specialist Rides Cloud Computing Wave

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

US debt interest payments are unsustainable and flash ‘huge warning signs’ as they take over federal spending, budget expert warns

by
September 24, 2023
0

Read more

US debt interest payments are unsustainable and flash ‘huge warning signs’ as they take over federal spending, budget expert warns

Retired? You May Want Stocks, Not Bonds, to Power Your Portfolio

Investors pulled $19 billion from stocks in the last week, the highest outflow all year amid surging bond yields and Fed jitters

Watching the Real-Estate Bust From the Streets of San Francisco

Evergrande Scraps $35 Billion Restructuring Plan as China’s Housing Crisis Intensifies

Treasury Yields Are Headed Even Higher. Stocks Won’t Like It.

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home

moneyprofitnews