Singapore port congestion doubles shipment delays, causing potential supply chain crisis and higher consumer prices.
Shipment delays in Singapore's ports have more than doubled due to a shortage of ships and containers, along with port congestion. This could lead to higher consumer prices and a supply chain crisis, particularly affecting the manufacturing industry, including firms producing heavy goods like consumer electronics and electric vehicles. Port congestion has reached a global 2 million TEU mark, with Singapore becoming a congestion hotspot.
May 28, 2024
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