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A flotilla of almost a dozen cargo vessels sits anchored just south of Los Angeles this weekend, waiting for berth space. Around the twin ports of L. Explore 60 thousand articles in our archive with a simple keyword search. Middle East Business and Financial News. Sunday 22nd November These jobs in UAE offer highest pay; earn up to Dh1. The Grinding Gears Of A Dysfunctional Economy

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A flotilla of almost a dozen cargo vessels sits anchored just south of Los Angeles this weekend, waiting for berth space. Around the twin ports of L. The perfect storm is swamping the busiest gateway to the U. Truckers are struggling to keep up with the wave of record imports. But this extended surge is exposing long-neglected inefficiencies, lengthening delivery delays and saddling many links in the supply chain with extra costs.

The finger-pointing has intensified, and federal regulators have started investigating the source of problems around major port areas like Los Angeles and New York. At issue on the West Coast is a shortage of empty containers, which are mostly owned or leased by the liners and see more needed to move U. On the water, the cost of gridlock adds The Grinding Gears Of A Dysfunctional Economy quickly: A paper published by the National Bureau of Economic Research estimated that each day a product stays in transit tacks on the equivalent of an ad-valorem tariff of 0. Sharp, unpredictable swings in economy activity like Los Angeles is experiencing illustrate how the health crisis is grinding the gears of the global trading system. From southern England to the Panama Canal, finished products, parts and commodities are sitting on ships parked for days waiting for bottlenecks to clear.

An index of containerized freight in Asia surged this month to the highest in more than six years. PSA Singapore Corp. In the U. Coupled with virus-related inventory building, Brexit is causing significant delays at ports including Felixstowe and London Gateway. Seaborne freight rates to the U.

Delays at some U.

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Increased traffic and added Covid safety procedures have led to a congestion at the Panama Canal, a crucial waterway for vessels carrying liquefied natural gas and liquefied petroleum gas from the U. Gulf Coast to Asia. Demand for energy increased ahead Teh the winter heating season and expectations of colder-than-normal winter in Asia.

Vessels without booked slots have had to wait for days to pass through, forcing some shipping companies to choose alternative routes. The canal increased daily transits from 30 to 36 since mid-October to accommodate higher traffic demand. Not everywhere is feeling so congested.

At the height of traffic snarls last year, lines of trucks snaked back more than 10 kilometers 6 miles waiting to be serviced. The port is now able to handle 3, trucks every 24 hours, almost double the volume over the same period last year. Source: Read Full Article. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.

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Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website. Skip to content. Panama Increased traffic and added Covid safety procedures have Grimding to a congestion at the Panama Canal, a crucial waterway for vessels carrying liquefied natural gas and liquefied petroleum gas from the U.

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South Africa Not everywhere is feeling so congested. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.]