A Shipping Container Crisis is Creating Big Issues for Global Trade

Shipping costs have increased at alarming rates, threatening global ag commodity trade and other economic sectors that depend on barge transportation to reach end-users. One report showed container shipping costs increased 145% on routes from Asia to the West Coast. High prices and a battle to secure containers have caused food retailers to delay purchases, bulk buy supplies or just cancel altogether. Container shortages quickly became apparent during Covid-19 supply chain disruptions as the average container turnaround time increased from 60 days to 100 days. An estimated 170 million shipping containers are used to transport around 90% of the world’s tradeable goods. Find out how digital platforms may help cut out the middle man and revolutionize the global shipping industry.