Container Shipping Shortage Triggers Freight Rate Spike Of 500 Percent: The Worst Is Still Ahead

The global shipping industry is facing the worst crisis in the history of container freight - and a massive wave of disruptions is ahead. According to the big boss of a major logistics business, Rob Lewis, the operations director of Meachers Global Logistics, a “perfect storm“ is leaving global supply chains in total chaos as freight rates just skyrocketed to the highest level ever recorded. This catastrophic mess in global supply chains started during the first rounds of lockdowns when countless businesses were shut down and shipping companies reduced the number of cargo vessels being sent out. However, when stimulus money started to frenziedly fuel consumer demand, global supply chains simply couldn’t cope with the unexpected boom in business. As a result, it’s getting incredibly difficult - and expensive - for stores to restock their shelves, while manufacturers, carmakers, and builders can’t get the parts they need, and farmers - particularly small farmers and ranchers across the U.S. - simply cannot af