Shipping Prices Will Go Through The Roof As Supply Chains Face Worst Threats Since 2020

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Published 2024-06-28
Supply chain disruptions. Congested ports. Delivery delays. Soaring shipping prices. All of this seemed like a distant memory from the peak of the COVID-19 pandemic, but it's happening again, and conditions are far scarier this time around.

The head of ocean freight of the Americas at Rhenus Logistics, Stephanie Loomis, who spends her days negotiating with international carriers on behalf of clients moving products and parts around the globe, revealed during an interview with the outlet that she's seeing cargo prices skyrocket due to a series of disturbances at world's busiest shipping routes.

Since the end of 2023, Houthi rebels have been firing on ships entering the Red Sea and heading to the Suez Canal, an essential artery for vessels travelling between Asia, Europe, and the East Coast of the United States. The offensive has escalated in recent months, forcing shipping companies to rethink their routes. They are now opting to take the longer routes around Africa, but that means their journeys are being extended by up to two days.

Additionally, a severe drought in Central America is reducing water levels in the Panama Canal, prompting authorities to restrict the number of ships passing through this key channel for global trade.

On top of all that strain, U.S. dockworkers on the East and Gulf coasts are threatening to go on a strike, while longshore workers at German ports have stopped shifts to demand better pay. Meanwhile, rail workers in Canada are poised to walk off their jobs, jeopardizing cargo movement across North America and risking backups at major ports like Vancouver, British Columbia.

The increasing turmoil in shipping is causing carriers to sharply raise rates, and it is increasing the possibility of a waterborne gridlock, which could once again leave big retail chains facing widespread shortages during the peak of the shopping season. This disruption could also worsen inflation, a major economic concern influencing the US presidential election.

All Comments (21)
  • @lolzorz3
    Everythingโ€™s collapsing, BUT at least Biden didnโ€™t poopy his pants yesterday (allegedly) ๐Ÿ˜Š
  • This video needs to be sent to the News outlets so people would understand what is really going on. Prepare and Pray y'all. ๐Ÿ™
  • Let's face it nothing's going to come down it's going to keep going up
  • @27273100
    *AGAIN?!?!* I knew this was going to happen again. This will take social horror to a new level. It's time to prep on all sides, folks.
  • Well explained, The incompetence and corruption that runs through this administration in our Government are getting more risky and ridiculous, i feel the sympathy and empathy of the citizens not getting the due help they deserve, thank you Aliyah Jessica; imagine investing $4,000 within 4 days of your investment you're profited with $7,300 wow, thank you Jesus
  • @JenniferA886
    Who else listens on X 2 speed ๐Ÿ‘๐Ÿ‘๐Ÿ‘
  • Imagine the narrator saying, "I'm afraid that the Death Star will be quite operational when your friends arrive." He has that same kind of voice ๐Ÿ˜†
  • You know youโ€™ve got problems when watching videos like this helps with anxiety ๐Ÿ˜‚๐Ÿ’œ๐Ÿง˜โ€โ™€๏ธ
  • @shelleyg218
    A 4 litre tin of olive oil here in Melbourne was around $32 just a year or two ago, now itโ€™s around $64. A one litre bottle (the one I always purchased) was regularly on sale for $9.00 (normally $18.00 but would stock up when it was $9.00) now the same bottle is $25.
  • @rodsofgod6863
    "Competitive"?? We have all the eggs in China!! Aint that smart!
  • @nightowl6811
    Where are all the people that laughed about doom and gloom ๐Ÿ˜‚! It's finally happening you losers! That didn't believe it ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚
  • @FXPips11
    Figured to save some money shopping at Sav a lot, yeahhhhh, nope. Price no different then dollar general and family dollar, walmart. Horrible
  • @dissy5563
    Don't mind me folks, I'm just here for my daily dose of DOOOOOM!!!
  • @artawhirler
    Doctor Doom! He's our man! If he can't scare us, no one can!! ๐Ÿ˜…
  • @bencrank34
    I don't see how this guys videos don't have millions of views. I guess justin timberlakes dui is more important. And that's what's wrong with this country, people are stupid.
  • @tnguy9696
    the panama canal has to have fresh water to move the ships through the locks of the canal . panama is getting less and less rain every year . i lived there for 3 years
  • Thanku. As i wanted an online business, this info helps me make good decisions. Thanks.