US Shipping Delays Drive Up Global Trade Costs
The US maritime shipping market is facing a double whammy of delays and rising prices. Factors such as pandemic-induced port congestion, labor shortages, surging demand, container shortages, insufficient capacity, rising fuel costs, and cargo backlogs have collectively driven up ocean freight costs, straining the global trade chain. Container shipping rates from the US to China and Europe have increased 3-4 times since 2020, and delays have not yet been fully resolved. The situation continues to put pressure on businesses and consumers alike.
