Global Trade Chaos Looms Due to China’s Massive Port Jam
Ensuing restrictions of a now-controlled COVID 19 outbreak in southern China in late May have caused an enormous shipment pileup, bigger than that of the Suez Canal. Q1 2021 hedge fund letters, conferences and more The Yantian port –50 miles north of Hong Kong– was closed for a week, and upon reopening, the hopes of it soon going back to full operational capacity are dwindling, causing massive delays in both outbound and inbound shipments. According to Bloomberg data quoted in Aljazeera, there are 139 container vessels currently anchored off the Chinese coast, which accounts for more than 50% ...