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Top Maritime Regulator Sees Shipping Snarls Lasting to 2022
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The top U.S. maritime regulator said stretched global supply chains pushing ocean-freight rates to record highs may stay strained into 2022, raising concerns about whether small American companies can weather another year of a tangled transport system and much higher costs.
“As you see the pandemic lift, I think you’re going to see changes in what’s demanded but demand is going to go up even further,” Dan Maffei, chairman of the Federal Maritime Commission, said in an interview. “If this is primarily a supply and demand issue, then unfortunately it’s going to continue because the supply is limited” and “the demand just keeps on going up.”
The worlds largest private and publicly held container carriers collectively posted record profit of $19.1 billion in the first quarter, more than double the previous all-time high of $9.1 billion set the prior quarter
At the start of 2021, things may not have been looking too optimistic. New variants of COVID-19 were emerging and many nations and states re-entered into draconian lockdowns that potentially halted a strong consumer rebound. To further complicate matters in March, the Suez Canal was blocked for almost a week by a large container ship owned by
Evergreen Marine, holding up a cohort of other commercial vessels. Many would assume another disaster loomed for the shipping industry.
On the contrary, the demand for goods is strong and many expect this to continue in the long term. To back this up, Evergreen, recently ordered 20 Very Large Container Ships (VLCSs). A total of 72 new ships were ordered in March and this amounts to 866,000 of new TEU (Twenty-foot Equivalent Unit) capacity in the future.
The ten-year bull run in international equities combined with the poor performance of the JSE over the last five years has resulted in a growing interest among South African investors in offshore investing.
This is putting pressure on local fund managers to provide international investment skills to their clients – which is no small ask considering there are 3,530 stocks listed in the US alone – before one counts Europe and Asia – relative to the 350 listed on the JSE.
In the face of this trend local fund managers, big and small, have adopted different strategies. Some, like Absa, Nedgroup Investments and Stanlib have partnered with global firms – Schroders, Veritas and Columbia Threadneedle respectively – which bring global expertise to the party.