It seems the hits just keep on coming for global manufacturers. After a year of massive COVID-driven upheaval in the global supply chain, the Ever Given’s six-day blockade of the Suez Canal snarled passage for more than 400 ships and racked up $400 million an hour in losses.
Next, curtailment and congestion at the Chinese Port of Yantian caused weeks of delays, driving dwell time at the world’s third-largest port to more than 25 days, left dozens of shipping vessels sitting idle in the South China Sea, and created worldwide bottlenecks, container shortages and price hikes that will take months to resolve.
