(Keith Wallis – Reuters)
More than 300 large dry cargo ships are having to wait outside Chinese and Australian ports in a maritime traffic jam that spotlights bottlenecks in China’s huge and global commodity supply chain as demand peaks this winter.
With some vessels waiting to load coal and iron ore outside Australian ports for over a month, key charter rates have jumped to their highest in more than three years. Placed end-to-end, the total delayed fleet would stretch more than 40 miles, enough to span the English Channel from Dover to Calais and back. [...]
“There are some ports in east Australia that have 80 vessels anchored, which translate into 20-25 days of delay and congestion,” said Ziad Nakhleh, managing director of Greek ship owner Teo Shipping. Click here to read more.