Supply chain woes continue
Mario Cordero, executive director of Port of Long Beach in California, gave interview detailing ongoing problems
- Some issues caused by consolidation of companies who own shipping containers
- The top 6 container operators control more than 70% of all container capacity
- As businesses try to restock after lifting of COVID-19 restrictions, they are paying 4 time
more to move product compared to last year
- Now are fewer routes, fewer smaller ships and fewer ports operating
- Pandemic outbreaks at big export hubs like Yantian and Ningbo in China idled ships for weeks as they waiting for terminals to reopen
- After ships started sailing again, they got stuck at congested Western ports
- As of 9/16/21, there was a record 65 container ships sitting in queue in San Pedro Bay, CA, off the ports of Los Angeles and Long Beach