As a result of the recent pandemic, maintaining the chain of
supply has proven to be difficult for businesses across a wide
range of industries. At the peak COVID-19 lockdowns, demand for
many products decreased, but as the world returns to normal and
demand continues to increase dramatically, the shipping industry
finds itself struggling to keep up.
Cost per container has increased rapidly from around 1,500
USD in 2019 to 7,600 USD in July of 2022 and peaking at over 10,000
USD in September of 2021, impacting the market for medium to large
goods the most, especially those of lower value and regular demand.
With this shortage, the cost of other methods of transportation,
such as airfreight, has increased due to the high market demand and
low supply, with
airfreight rates between Hong Kong and North America as
high as 12.72 USD per kilogram.
