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Tweet of the Day: Ryan Petersen, CEO, FLEXPORT (@typesfast)

PortandTerminal.com, January 19, 2021

HALIFAX, NOVA SCOTIA – Ryan Petersen, CEO of FLEXPORT shares a graph that shows the eye-watering rise in the cost of shipping a 40-foot container from Shanghai to Los Angeles. Credit is due to Drewy for the graph in Petersen’s link.

Bloomberg reported last week that the cost of shipping a 40-foot container to Los Angeles from Shanghai has almost doubled from early June, while the price to send the same box to Rotterdam is now four times higher.

Exports have been on a tear since July last year, fueled by pandemic-related purchases like medical masks and work-at-home equipment, including computers. Imports haven’t been growing at nearly the same pace, resulting in a lack of shipping containers returning to China to be refilled and sent out again.

Global demand for Chinese goods has been so strong recently it’s creating a shortage of containers and driving up shipping costs, potentially impeding the nation’s exports in coming months.

The “soaring prices for China’s outward shipments due to a shortage of shipping capacity will weigh on China’s export growth, despite resilient external demand helped by the holiday season and factory lockdowns throughout Europe,” Serena Zhou, a fixed-income analyst at Mizuho Financial Group Inc. in Hong Kong.

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