Another shipping crisis looms on Covid fears in southern China
Read the full article from CNBC on 06/14/21 here.
"...As different parts of the world bounced back from the pandemic late last year, there was a buying boom which led to containers falling critically short. That caused massive delays in the shipping of goods from China to Europe and the U.S. and drove up prices for businesses and consumers.
Then one of the largest container ships in the world, the Ever Given, got stuck in the Suez Canal and blocked the key trading route for nearly a week. About 12% of global trade passes through the Suez Canal, where more than 50 ships a day on average pass through.
The incident sparked a global shipping crisis and held up $9 billion in international trade a day.
Now, the most recent crisis, in southern China, is disrupting the global supply chain again....."