Global Port Congestion, High Shipping Rates to Last Into 2023: Executives

Global Port Congestion, High Shipping Rates to Last Into 2023: Executives
Containers on a shipping dock in the Port of Los Angeles on April 16, 2020. Lucy Nicholson/Reuters
Reuters
Updated:

SINGAPORE—Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said on Wednesday, urging charterers to switch to long-term contracts to manage shipping costs.

Ship delivery times have lengthened amid the COVID-19 pandemic since 2020, pushing up freight costs, while the Russia-Ukraine conflict and lockdowns in Shanghai have added to supply chain disruptions this year.