Prepare For Soaring Shipping Rates & Empty Shelves As China, The Worlds Manufacturer, Shuts Down

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Shipping rates are soaring and the shelves can't stay full as shipping rates from China to the US surpassing a record $20,000, a new threat looms which could send already sky high prices into orbit. As the restrictions spread on the mainland, most Chinese ports are now requiring a test for all crew, with vessels forced to remain at anchor until negative results are confirmed, and requiring ships to be sequestered for 14-28 days if they previously berthed in India or changed crew within 14 days of arriving.
That spells further delays, further price increases and, according to Splash, shipping will need to start to make contingency plans should China - the world’s most important nation for shipping movements - return to shutting down their economy.
“For freight markets, the implications include delays at ports as authorities screen crews of incoming vessels and a hit to China’s oil demand if widespread lockdowns are imposed,” a report from Braemar ACM pointed out this week.
This happened at Yantian Port in late May, operations at the key southern Chinese export hub were slashed by 70% for most of June. Similar disruptions are in the cards in the coming weeks, while shipyards are also likely to see their delivery schedules come under pressure if any wider restrictive measures are taken.