The container ship Ever Given has been moved and is no longer blocking the Suez Canal, but that doesn't mean that global shipping issues have returned completely to normal.
The New York Times noted that about 300 ships were lined up behind the massive container vessel, which had been stuck in the canal since March 23. Crews finally got it moving again on March 29 with the help of tugboats and a rising tide.
But the multi-day closure of the canal is only adding to a shipping logistics nightmare that has been in existence since the coronavirus pandemic began. Shutdowns disrupted the normal movement of shipping containers, while consumer demand has climbed for products made in Asia. Add an ongoing shortage of microchips and the impact of severe cold on resin production on the U.S. Gulf Coast, and the result in a supply chain stressed beyond all expectations.
What will all that mean in the long run? PN Economics Editor Bill Wood says that while rising resin prices are hitting companies, it is not time to hit the panic button.
"This is not the time for more drama," he said. Expect to hear more on the subject in his Numbers That Matter column later this month.
