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Container ship runs aground in Suez Canal, blocks traffic
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Tug boats work to free giant container ship stuck in Suez Canal
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Tug boats work to free giant container ship stuck in Suez Canal
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Updated Jan. 3, 2021 11:34 pm ET
HONG KONGâA logjam in the global shipping industry is testing the resilience of Chinaâs exporters, who have driven the countryâs economic recovery by churning out goods to meet surging global demand during the Covid-19 pandemic.
That demand in recent months has outpaced the capacity of a global shipping industry that has been slowed by pandemic safety measures. Chinese exporters have been paying sharply higher rates and struggling to find containers for their goods.
Chen Yang, who runs a textile trading unit at a state-owned enterprise in the southern city of Hefei, said the business, which mostly exports to the U.S., has weathered the pandemic and the China-U.S. trade war, but he expected to lose money in 2020 in part because of a sharp rise in shipping costs.