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Global supply chains continue to deteriorate, with ports "paralyzed" or further pushing up costs

2022-05-07

The Royal Bank of Canada has released a report saying that global supply chain problems will worsen.The closures caused by the new outbreak, the conflict between Russia and Ukraine and some other factors have led to longer port delays and further pushed up costs.Industry analysts say one-fifth of the world's container fleet is currently congested at major ports, such as 344 ships currently waiting for berths in East China, up 34 percent from the past month.Meanwhile, Danish shipping giant Maersk announced on May 2 that several trans-Pacific voyages would be delayed by a week, citing "continued cumulative delays in the service network due to dock congestion and ship accidents".Maersk also expects the high shipping rates to continue into the second quarter.

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