Container Shipping Crunch Shows Signs of Easing

The video discusses the significance of sea trade, with 90% of global trade traveling by sea. Singapore plays a crucial role as a major port, prioritizing the vaccination of maritime workers. The pandemic has disrupted supply chains, causing container shortages and increased freight costs. Freight prices have surged, with shipping costs from Shanghai to Los Angeles and Rotterdam rising significantly. The industry is closely monitoring potential easing of these issues, with Chinese New Year being a key period for rate renegotiations. Companies face decisions on absorbing or passing on costs, impacting global economic recovery.

What impact did the pandemic have on the supply chains and container availability?

What decision must companies make during the Chinese New Year regarding shipping rates?