The global shipping industry is facing a major challenge – a shortage of empty containers. This may seem surprising, considering there were concerns about an excess of containers just a few years ago. So, what’s changed?
The article points to a shift in trade patterns and decisions made during the pandemic. When demand for goods dropped, shipping lines reduced their container fleets. Now, with demand surging again, there simply aren’t enough empty containers readily available in the right locations. This shortage is driving up freight rates, causing delays, and creating a headache for businesses that rely on maritime transport.
The situation exposes a critical vulnerability in the global supply chain. The lack of empty containers acts as a chokepoint, hindering the smooth flow of goods around the world. Finding solutions will require collaboration between shipping lines, ports, and governments to ensure there are enough containers in the right places at the right time.
Source: Economic Times