Global port congestion, high shipping rates to last into 2023

SINGAPORE: Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said on Wednesday, urging charterers to switch to long-term contracts to manage shipping costs.

The COVID-19 outbreak has lengthened ship delivery times since 2020, pushing up freight costs, while the Russia-Ukraine conflict and lockdowns in Shanghai have added to supply chain disruptions this year.

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https://economictimes.indiatimes.com/small-biz/trade/exports/insights/global-port-congestion-high-shipping-rates-to-last-into-2023/articleshow/92243707.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst