Supply chain disruptions continue to pose challenges to global shippers. In this Week 14 Freight Market Update, we address the implications of the Taiwan earthquake, Francis Scott Key Bridge collapse operational challenges, and the ongoing challenges posed by low water levels in the Panama Canal.
TAIWAN EARTHQUAKE
The magnitude 7.2 earthquake that hit Taiwan on Wednesday, April 3, 2024 will cause disruption across the semiconductor supply chain. Taiwan is home to the worlds largest chipmaker who supplies chips to companies like Apple and Nvidia. Time will indicate the severity of this disruption.
BALTIMORE BRIDGE COLLAPSE
Port of Baltimore operations remain strained due to the Francis Scott Key Bridge collapse last week. Officials are predicting a minimum 6-week closure to vessels while salvage operations continue.
- Vessel traffic is closed into/out of the port for at least 6 weeks.
- Inland rail and domestic trucking are options to move freight from the Port of Baltimore to neighboring ports.
- Several carriers have declared the bridge collapse a force majeure event.
- Vessels with cargo intended for Baltimore are exploring alternate port options along the U.S. East Coast
PANAMA CANAL
Lower-than-usual water levels in the Gatun Lake are causing severe draft restrictions on vessels transiting the Panama Canal. This has caused a backlog of traffic waiting to pass through.
Green Worldwide Shipping’s Freight Market Update covers port information, import and export news, vessel wait time and cargo vessels at major ports & more. For continuous updates, make sure to check out our website at greenworldwide.com.
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