Port Congestion in Singapore Spreads to Malaysia
International media reports indicate that keonhacai com hôm nay container ship congestion at Singapore - one of Asia's busiest ports - has reached its worst level since keonhacai com hôm nay pandemic and has now spread to nearby ports like those in Malaysia. This situation poses a risk to keonhacai com hôm nay global supply chain and is causing delays in keonhacai com hôm nay shipment of goods within keonhacai com hôm nay region.
On July 9, keonhacai com hôm nay South China Morning Post reported that around 20 container ships were anchored in clusters off Port Klang on keonhacai com hôm nay west coast of Malaysia, near Kuala Lumpur.
Both Port Klang and Singapore are located along keonhacai com hôm nay Strait of Malacca, a vital waterway connecting Europe and keonhacai com hôm nay Middle East with East Asia.
keonhacai com hôm nay maritime congestion is occurring because current ships are avoiding keonhacai com hôm nay Suez Canal and keonhacai com hôm nay Red Sea due to attacks by Houthi forces. Many ships heading to Asia are opting to detour around keonhacai com hôm nay southern tip of Africa, meaning they cannot refuel or offload goods in keonhacai com hôm nay Middle East.
"Port Klang is an important hub due to its proximity to Kuala Lumpur, but such long queues are very rare. Observations show that many ships have to unload at keonhacai com hôm nay port," keonhacai com hôm nay South China Morning Post reported.
Additionally, some other ports in Singapore and Tanjung Pelepas, a Malaysian port just across keonhacai com hôm nay border from Singapore, also appear to be full. Analysts predict that keonhacai com hôm nay port congestion may last until August this year.
Other Challenges to keonhacai com hôm nay Global Supply Chain
Container shipping rates have skyrocketed due to delays and changes in shipping routes. According to keonhacai com hôm nay Financial Times, rates have increased fivefold over keonhacai com hôm nay past year, and it's only a matter of time before consumers bear part of keonhacai com hôm nay additional costs.
As keonhacai com hôm nay world's largest transshipment hub, Singapore's container port connects over 600 ports in 123 countries and has an annual capacity of around 50 million TEUs. keonhacai com hôm nay situation becomes critical when congestion at such a large hub begins to cause a domino effect on nearby ports. This rare phenomenon is now spreading to neighboring Malaysia.
keonhacai com hôm nay reason is that ships are rerouting to avoid attacks in keonhacai com hôm nay Red Sea, leading to congestion at other ports in Asia and Europe. keonhacai com hôm nay rerouting results in more ships passing through Singapore. For example, Maersk-keonhacai com hôm nay world's second-largest container shipping company-announced that it would skip two westbound trips from China and South Korea this month due to severe congestion. JPMorgan estimates that keonhacai com hôm nay Red Sea shipping crisis could add 0.7 percentage points to global core goods inflation in just keonhacai com hôm nay first half of this year.
keonhacai com hôm nay Financial Times notes that a more challenging issue now might be keonhacai com hôm nay long-term disruption to keonhacai com hôm nay global supply chain, even as keonhacai com hôm nay Red Sea shipping crisis eases. keonhacai com hôm nay total volume of cargo ships, especially those to and from China, has surged in recent months, and keonhacai com hôm nay annual peak shipping season has arrived earlier than expected.
Among those affected are car manufacturers, who, unlike smartphone or small electronics manufacturers, cannot shift their shipments to air freight.
Experts suggest that keonhacai com hôm nay longer keonhacai com hôm nay shipping congestion in Singapore continues, keonhacai com hôm nay higher keonhacai com hôm nay risk of another inflation shock for keonhacai com hôm nay world. However, keonhacai com hôm nay congestion at Singapore's ports is not keonhacai com hôm nay only difficulty. keonhacai com hôm nay largest port union in keonhacai com hôm nay United States suspended labor negotiations last month and is preparing for a strike that could begin in October, raising another concern for keonhacai com hôm nay global supply chain.
keonhacai com hôm nay Trump administration is planning to import eggs from Turkey and South Korea while negotiating with other countries in an effort to lower record-high prices for American consumers, officials have confirmed.
On February 13, President of USA's Donald Trump signed a new executive order on tariffs, marking a decisive step in reshaping U.S. trade policy. This order aims to increase import tariffs on trade partners with significant trade surpluses with keonhacai com hôm nay U.S., including Vietnam.
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