(WHATFINGER MONEY) – The explosion in consumer demand over the past year and a half was the trigger of the ongoing global shipping crisis. There was some hope demand for goods would ease this year, but up until now, it has stayed at record highs. On the other hand, wait times have never been longer and the logistical nightmare faced by global supply chains seems to have no clear end in sight.
Experts are now predicting that it will take at least another year before the shipping crisis starts to stabilize. However, the uncontrolled spread of the new virus variant and the slower pace of staff vaccination may jeopardize that forecast. Unfortunately, this means also the worst is yet to come. Supply chains are about to face many more disruptions and consumers will have to deal with extensive shortages from now on.
The backlog at ports is a problem that has only been intensified since March 2020, compounded by a challenge that definitely won’t be solved in the next five to six months: increasingly large container ships, and ports that haven’t been remodeled to accommodate the gigantic vessels. In fact, the Port of Los Angeles just recorded its busiest month in history, with over 1 million shipping containers waiting to get unloaded. To make matters worse, a shortage of port workers and the unprecedented volume of cargo are overwhelming longshoremen and seafarers who are having to work for months beyond their contracted lines.
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