Singapore: Port congestion threatens to gum up global trade

Source: Financial Times [UK]

“The risk of higher prices for everything from cars to smartphones for the world’s consumers just got a lot higher. Congestion at Singapore’s container port, which is at its worst since the pandemic, has started spilling over to neighbouring ports, posing a risk for global supply chains. Shipping rates have risen as much as fivefold over the past year and it is only a matter of time before some of that is passed on to shoppers. Singapore is the world’s largest transshipment hub: the container port connects more than 600 ports from 123 countries and has an annual capacity of 50mn 20ft equivalent units, a measure of volume.” (07/09/24)