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The Kiel Institute's IfW Kiel Trade Indicator reports that container ship congestion in the North Sea is rising, with over 2% of global cargo capacity stalled there. Over 4% is stuck off Shanghai and Zhejiang, and container ship traffic on the Red Sea is more than 20% below normal.
Freight from Asia to North America's West Coast has nearly halved this year, while Asia-to-Northern Europe costs remain six times pre-pandemic levels.
Persistent port and route congestion keeps ocean freight costs elevated for Europe-bound feed ingredients, adding to landed costs. Easing US West Coast congestion offers relief on Pacific routes.
czapp.comJonathan DartJul 10, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
