Global freight rates have increased tenfold since the start of the pandemic and the time it takes to transport a container from Asia to the West Coast of the US has doubled in the same period. Shipping delays have continued to worsen in recent months and freight costs remain hugely elevated.
“Supplier deliveries and backlogs of orders as reported in purchasing managers surveys have increased significantly in recent months and inventories of finished consumer goods have sunk to historical lows,” said Robert Sierra, Director in Fitch Ratings’ Economics team.
“Against this backdrop the spread of Omicron increases the risk that goods shortages could intensify in the near term,” added Sierra. source fitchGlobal Consumer Goods Shortages Show Few Signs of Easing | Hellenic Shipping News Worldwide