The cost of sea freight from Asia to Europe has risen at a record price. It has grown several times compared to last year, the Financial Times reported.
The dispatch of a standard 40-foot container from Asia to Northern Europe exceeded 11,000 dollars for the first time. Back in mid-May, the price was 8,500 dollars, and in October last year - 2,000. The reason for this price rise is the failure of the large Chinese port of Yantian. In May, the terminal was closed on the allotment because workers found a coronavirus.
Its productivity recovered only 70 percent. Due to the closure of the port, the neighboring terminals in China were overloaded. This has increased delays in supply chains around the world. The restoration of maritime logistics will take from six to nine months, experts say.
Bloomberg estimates that 139 container ships are currently anchored off the coast of China, roughly half the mid-April to early May average. At the same time, some local entrepreneurs were faced with a complete stop in supplies.