Port disruption continues to impact freight forwarding due to a variety of factors.
- Surging demand for goods being shipped from Asia to North America along with Asia to EU trade.
- Lack of vessel space
- Container shortages related to labor disputes, congestion and COVID-19 disruption.
Our team is monitoring and managing notices from shipping lines related to these factors.
- On the U.S. East Coast vessel wait times to port are 24 to 48 hours.
- On the U.S. West Coast vessel wait times to port range from a day to six days.
- Canadian port yards are operating from 90% to 104% capacity this week. Vessel wait times at Prince Rupert and Vancouver are up to five days.
In Asia COVID-19 quarantine requirements imposed on ship crews are now impacting feeder services.
For example, Evergreen announces suspension of service on cargo ships running between South China and Hong Kong/Yantian.
We also are keeping watch on the value of the U.S. dollar.
The dollar is at its near weakest level in over a year against at least 17 currencies (including eight of the G10 currencies), according to calculations from Deutsche Bank.
- The USD has lost about 13% of its value vs the Euro and Pound Sterling.
- The USD against the Yuan has fallen to 2016 rates.
The impact could make U.S. exports cheaper to foreign buyers importing goods. U.S. consumers could also face higher prices.