Asia/Pacific News
Container Shortage Brings Delays to Singapore
A shortage of empty containers is bringing delays of as much as a week to boxships visiting Singapore, according to price reporting agency S&P Global Platts.
For 18,000 TEU ships visiting Singapore the wait time is now five to seven days, up from a maximum of two previously, Platts cited container market sources as saying in a report published on Monday.
The number of ships staying in Singapore for more than two days was 46 in January, 59% higher than in the same month a year earlier, Platts said.
The container markets have had a tumultuous year, going from early COVID-19 disruptions a year ago into an increasingly strong market by the end of 2020 and into 2021, with some now forecasting the current high freight rates may last for several more months.
But the current strength of the market has also led to significant disruption, with queues of vessels building up at key container hubs around the world.
Container lines are the largest consumers of bunker fuel in the shipping industry.
