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Thursday, 17/06/2021, 08:35 (GMT +7)
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Home Depot charters container ships to solve supply chain bottlenecks
As congestion, container shipping shortages continue to worsen, and freight rates soar, US retailer Home Depot has taken the bold step of chartering its own container ship.
The Home Depot (Image: Raysonho @ Open Grid Scheduler)
The shift to chartering containers for private use was revealed by the retailer on CNBC as part of measures it is taking to address supply chain bottlenecks and equipment shortages.
“We have a ship just for us and it will ship 100% exclusively for Home Depot,” Home Depot President and CEO Ted Decker said in an interview with CNBC.
The ship will begin operations from the retailer next month, and no further details about the ship or charter information have been provided.
However, this shows how dire the situation has become when a shipper has to go to such extremes to secure his shipments.
Container shipping has been affected by consecutive equipment shortages, congestion at US West Coast ports and now severe delays at South China ports due to containment and restriction measures due to Covid-19.
Shippers with bulky items but with relatively low cargo value will be hardest hit by space shortages and increased freight rates. Home Depot typically sells oversized items such as home improvement materials, garden furniture, and power tools.
A recent report by Sea Intelligence analysts highlights that for assembled furniture, freight rates now account for 62% of the retail value of the goods, while for large appliances Currently, freight rates account for 41% of the value of goods, and for small equipment, freight accounts for 27% of the retail value.
For goods like power tools, Home Depot recently switched to using air freight, Decker said in the interview.
Source: Phaata.com (According to SeatradeMaritime)
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