BAKU, Azerbaijan, June 23
By Sadraddin Aghjayev - Trend:
Closing of China's Yantian International Container Terminal has pushed the cost of cargo transportation via sea to a record high, Trend reports with reference to the Financial Times.
After China closed the Yantian terminal due to the outbreak of COVID-19, the prices for the transportation of containers to Europe rose to $11,000 (increase of 4.5 times).
Moreover, the Financial Times wrote that the cost of shipping a standard 40-foot container from Asia to Northern Europe exceeded $11,000 for the first time. The cost of shipping was $8,500 in mid-May and $2,000 in October 2020.
The disruptions in the operation of South China’s big Yantian port contributed to the record growth in prices for cargo transportation via sea during the recent weeks.
"The authorities closed the terminal for almost a week in late May after revealing COVID-19 among several port workers,” the source said. “So far, the productivity of the terminal has recovered by only 70 percent. Closing of the port has caused overloading at neighboring terminals in China."
---
Follow the author on Twitter: agdzhaev