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we already know it is a sensitive system the evergiven, the ship that blocked the suez canal for six days in march, caused massive backlogs. but it is covid that has done the real damage. container lines are run like train lines. they have schedules and they re meant to call at fixed times for fixed durations, that is just not happening because they can t. and the cost of sending shipping containers by sea has risen dramatically. it is absolutely gone crazy this year. if you re looking at short term freight rates from asia to europe you are looking at a 366% increase. longer term rates locked in 12 months in advance have gone up even more. the shipping container industry is on course to make vast record profits this year. ports are working longer hours to keep trade moving, more ships are on order, but it will take time for things to settle down. the huge disruption caused by covid i9 has
in 12 months in advance have gone up even more. the shipping container industry is on course to make vast record profits this year. ports are working longer hours to keep trade moving, more ships are on order, but it will take time for things to settle down. the huge disruption caused by covid i9 has exposed vulnerabilities in global supply chains. in some ways they ve held up remarkably well, given the scale of the pandemic, but it s been a reminder for all of us how dependent we have become on getting shipping containers delivered around the world on schedule. one option is to increase local production, they re starting to do a bit of that here in leeds. but don t expect globalisation to retreat any time soon. this is still a hyper connected world, and now omicron is creating more challenges for the supply chains that we take for granted. now it s time for a look at the weather with chris fawkes. hello there.
done the real damage. container lines are run like train lines. they have schedules and they re meant to call at fixed times for fixed durations, that is just not happening because they can t. and the cost of sending shipping containers by sea has risen dramatically. it is absolutely gone crazy this year. if you re looking at short term freight rates from asia to europe you are looking at a 366% increase. longer term rates locked in 12 months in advance have gone up even more. the shipping container industry is on course to make vast record profits this year. ports are working longer hours to keep trade moving, more ships are on order, but it will take time for things to settle down. the huge disruption caused by covid 19 has exposed vulnerabilities in global supply chains. in some ways they ve held up remarkably well, given the scale of the pandemic, but it s been a reminder for all of us how dependent we have become on getting shipping containers delivered
for six days in march, caused massive backlogs, but it s covid that s done the real damage. container lines are run like train lines. they have schedules, and they re meant to call at fixed times for fixed durations, and that sjust not happening, because they can t. and the of sending shipping containers by sea has risen dramatically. it has absolutely gone crazy this year. so if you re looking at short term freight rates from asia to europe, you re looking at a 366% increase. longer term rates, locked in 12 months in advance, have gone up even more. the shipping container industry is on course to make vast record profits this year. ports are working longer hours to keep trade moving. more ships are on order. but it will take time for things to settle down. the huge disruption caused by covid 19 has exposed vulnerabilities in global supply chains. in some ways, they ve held up remarkably well, given the scale of the pandemic, but it s been a reminder for all of us of how dependent