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Shipping has already seen massive disruptions this year like the Ever Given running aground in the Suez Canal and delays stemming from an uptick in Covid cases near ports in southern China.

The floods in China and Europe are yet “another body blow” for global supply chains, the CEO of a shipping firm told CNBC on Monday. 

The floods in China and Europe are yet “another body blow” for global supply chains, the CEO of a shipping firm told CNBC on Monday. 

 

“Rarely does a week go past without something new,” says Tim Huxley, CEO of Mandarin Shipping. 

 

Shipping has already seen massive disruptions this year. As parts of the world rebounded from the pandemic, increased spending led to a shortfall of containers, creating delays and driving up prices.

 

Then in April, one of the world’s largest container ships became wedged in the Suez Canal, halting traffic for nearly a week. The waterway is one of the busiest in the world, with about 12% of trade passing through it.

 

In June, an uptick of Covid cases in southern China caused more delays at ports in the region, again jacking up shipping prices.

 

Source : https://www.cnbc.com