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Global supply chain bottlenecks due to lack of containers still remain
According to the economic survey released by the Finance Minister of India for the period 2021-22, global supply chain congestion due to lack of containers will remain for the foreseeable future..jpg)
Indian Finance Minister Niramala Sitharaman presented the Pre-Budget Pre-Budget Economic Survey for 2021-22 in Parliament to give an insight into the economic state of the country.
According to the survey, India's Gross Domestic Product growth is forecast to pick up between 8% and 8.5%, based on the assumption that "there will be no more debilitating pandemic related economic disruption, a normal monsoon, significant withdrawal of global liquidity, average global oil prices in the range of US$70-US$75, and global supply chain disruptions easing over time."
Supply chain bottlenecks due to lack of containers in ocean freight and rising freight costs will remain for some time, the survey said.
Additionally, the survey highlighted the container shortage as reflected in the Drewry container freight index, at $9,698.33 per 40-foot container as of January 20, 2022.
This is $6,656 higher than the five-year average and 82% higher than a year earlier. The prolonged period of higher rates shows that the disruption in the international container shipping market is far from over and will continue to impact commercial ocean freight.
Freight rates for major international sea routes tend to increase in the same period.
Container freight rates tend to increase in the same period (Source: Drewry 2022)
Ocean freight rates have increased from 300% to 350%, due to lack of containers and lack of space on container ships.
The survey also highlights that since 2019, the production of new containers has also slowed while there is an increase in the transfer of old containers during the same period. Overall growth in container manufacturing has fallen from 11% in 2019 to 5% in 2021.
"Unless the production is ramped up significantly across the globe, the shipping bottlenecks will remain a persistent problem," the survey noted.
Read more:
- Global supply chain disruption expected through 2022
- Shipping lines cancel 13% of sailings, adding to supply chain pressure
- When will supply chain disruptions and exorbitant freight rates end?
- Container shortages, port congestion and ship delays have pushed freight rates sky-high
Source: Phaata.com (According to ContainerNews)
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