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Congested Chinese ports continue to slow down shipments
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Posttime:2022-02-22
PORT congestion in China is slowing deliveries of everything from iron ore to electronics, forcing companies to rely on stockpiled inventories of goods, reports Bloomberg News.
It's taking a week to ten days longer to deliver iron ore supplies into China compared with before the Covid crisis.
The delays are because of tightened quarantine requirements for vessels and reduced manpower at ports.
Meanwhile, Hong Kong is slowing down processing of cargo and personnel by imposing increased Covid mandates.
The city's harsh measures to control the spread of the omicron variant is delaying shipments of electronics and petrochemicals through its port.
An average of 23 containerships per day waited to berth at Hong Kong in January, up from 18 vessels in December.
With port stockpiles at the highest since 2018, the impact of shipping delays on prices could be muted.
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