[Source: Supply Chain Drive] The “Delay in Transit” offering, meant to reduce warehousing cost, is available globally with container storage happening at multiple hubs around the world based on trade lanes.
The coronavirus pandemic and the resulting practice of social distancing has disrupted the global ocean shipping environment for shippers and carriers.
Carriers have canceled hundreds of port calls as a result of a drop in demand for shipping, which stems from factory shutdowns in China and then a downturn in consumer demand in Europe and North America. Canceled calls disrupt the flow of containers around the world because ships don’t pick up empties to return to foreign ports.
As containers pile up at ports, the entire process for moving them slows down and someone has to pick up the bill for storage.
