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Industries We Serve
What’s happening in the world affects your business. We find out the latest news and updates and share it with you here and in our weekly industry update newsletter.
Wayfair is the latest company to cite port congestion disrupting its supply chain. Delays at ocean gateways are resulting in inventory challenges and some SKUs remaining out of stock, CFO Michael Fleisher said on the company's earnings call Thursday. The retailer expects it could take a "few months" to get back to the in-stock levels it usually tries to maintain, Fleisher said.
The Agriculture Transportation Coalition’s Peter Friedmann took exception to what Hapag-Lloyd’s CEO didn’t say during a recent videoconference with media from around the world. “It is one thing for ship schedule reliability to be at all-time low levels, but quite another for carriers to profit so handsomely by such collapse in dependable service,” Friedmann, executive director of the Washington-based AgTC, told American Shipper after reading about Rolf Habben Jansen’s press conference.
Shipping rates have skyrocketed since the middle of last year on strong demand from the developed world for personal protective equipment and stay-at-home goods, after the initial shock from Covid-19. As manufacturing powerhouse China has gotten the pandemic under control at home, its surging exports of electronic gadgets and masks have pushed up the cost of shipping them. Freight rates from North Asia to the West Coast of North America have tripled from a year earlier, as assessed by S&P Global Platts. In contrast, rates for the other direction rose only 63%. The imbalance in trade led to a shortage of container boxes: Carriers were trying to return them, sometimes empty, to Asia.