Logo of Phnom Penh Post newspaper Phnom Penh Post - Global shipping container crisis ‘resolved by H2’

Global shipping container crisis ‘resolved by H2’

Content image - Phnom Penh Post
The worldwide container shortage pinching global trade will be relieved in the second half of this year as trade picks up, according to CIMB Thai Bank’s research office. The Nation

Global shipping container crisis ‘resolved by H2’

The worldwide container shortage pinching global trade will be relieved in the second half of this year as trade picks up, according to CIMB Thai Bank’s research office.

The shortage crisis blew up in mid-2020 when containers shipped to North America and Europe were stranded there by Covid-19 restrictions that meant almost nothing moved in the opposite direction.

For every 10 containers shipped to North America, only four were returning to Asia, causing a huge imbalance.

The resulting shortage saw freight charges soar from about $1,500 to $6,000-$9,000 per container last month, according to shippers.

Thailand is currently facing its own shortage of containers, which have been redirected to meet demand in China and Vietnam, said CIMB researchers.

The research office said the container shortage and high freight charges would hit exporters throughout the first half of 2021.

They added that the container crisis would resolve in the second half of 2021, however, as Covid-19 vaccination in the US and Europe lifted levels of exports from the West.

THE NATION (THAILAND)/ASIA NEWS NETWORK

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be