Reported 11 months ago
Global shipping faces a new crisis as problems in two major canals worsen, with the Suez Canal crisis essentially blocking the Red Sea and Panama Canal restricting ship traffic due to drought. U.S. importers fear that shipping prices will continue to rise in the coming months, potentially reaching the peak seen during the early stages of the COVID-19 pandemic. The current surge in container shipping prices is likened to surge pricing on Uber, with delays and congestions impacting global supply chains.
Source: YAHOO