Container port congestion smashes covid-era record

Bottlenecks at global container terminals have surpassed previous records set during the pandemic, according to reporting from Splash 247. Data indicates that over 4.3 million teu of shipping capacity is currently stalled at ports. While this exceeds the 4 million teu peak recorded in the early 2020s, current congestion represents a smaller portion of the total global fleet compared to 2022 due to recent fleet expansion. Recent tropical storms in East Asia have intensified the crisis, particularly at major Chinese hubs. Operational delays at Shanghai and Ningbo have resulted in hundreds of vessels waiting to berth. Some carriers are experiencing wait times of up to eight days at Shanghai’s Yangshan terminals. These logistical hurdles, combined with poor schedule reliability, are removing significant effective vessel capacity from the global market. The capacity shortage is providing sustained support for high freight rates, with the Shanghai Containerized Freight Index rising significantly since regional conflicts began. Further pressure is expected due to water-saving measures at the Panama Canal, which will reduce daily transit slots this September. Analysts suggest that these cumulative disruptions are tightening the charter market, where available tonnage remains in short supply.