EDITOR'S NOTE: For anyone hoping that the shipping bottleneck that has crippled the global supply chain would ease by the 2021 holiday season, you’re out of luck. Soren Skou, the CEO of Maersk, the world’s largest container shipping company, says that the supply chain crisis will likely last well into 2022, ensuring empty shelves through the holidays. There is good news for the holidays — if you’re a Maersk executive. Thanks to the skyrocketing prices of shipping caused by the bottleneck, prices for shipping freight are at an all-time high, creating massive profits for the corporation.
The supply chain crisis will extend into next year, Maersk has warned today but the world’s largest container shipping has made the most of the logistics nightmare, posting record profits.
A shortfall in the number of truck drivers, particularly in Britain and the US, has caused bottlenecks at ports with hundreds of container vessels unable to be unloaded, the group said.
“The whole system,” chief executive Soren Skou said, “has become one gigantic bottleneck.”
Video: Maersk profits triple on record freight prices (Reuters)
There has been a silver lining for the global shipping giant : record freight prices, pushed by the supply chain crisis, have driven Maersk’s strong third quarter results.
Maersk, which handles 20 per feet of global container shipping, said it had added capacity to manage the soaring demands but that this would still not be enough to balance out the pressures of congestion at ports.
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Originally posted on MSN.