Pricing platform Xeneta said it was likely to take two to three weeks for the normal flow of goods to be re-established
U.S. East Coast and Gulf Coast ports began reopening late on Thursday after dockworkers and port operators reached a wage deal to settle the industry’s biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time.sooner than investors had expected, weakening shipping stocks across Asia on Friday as freight rates were no longer expected to surge.
“Remember that ships keep calling, so it’s not just a matter of handling the ships already in line, but to work extra hard to run down the congestion before supply chains are rerunning,” Xeneta Chief Analyst Peter Sand told Reuters. Japan’s Nippon Yusen, which had hit a record high a day earlier, shed 9 per cent and Kawasaki Kisen fell 9.5 per cent. Mitsui O.S.K. Lines also lost 7 per cent in its busiest trading day for 18 months.
Strike Deal Coast Port Asia Ships Ports JP Morgan U.S. East Coast National Retail Federation
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