Significant Port Congestion Due to Shipping Delays in Singapore and Shanghai

Shipping companies facing the crisis in the Red Sea have turned to bundling vessels, resulting in significant congestion in key ports like Singapore and Shanghai/Ningbo. Data from Linerlytica shows ships waiting up to two weeks to dock, compared to the usual one to two days waiting time upon arrival. The Port of Singapore is currently servicing 51 ships with an additional 40 waiting at the anchorage, while the Port of Shanghai/Ningbo has 92 ships loading/unloading cargo and 81 waiting for their turn.

The total number of containers being loaded on ships at these ports is around 800,000 TEU, with an additional 650,000 containers stuck at the anchorage due to the congestion. Container xChange has noted a significant increase in prices for 20-foot dry containers, rising from $950 in September 2023 to over $1,200 presently. This spike in demand and supply imbalance is causing delays and financial strain on the shipping industry.

The situation in these ports highlights the challenge faced by shipping companies as they navigate the crisis in the Red Sea. The congestion is leading to delays in operations, with significant numbers of vessels waiting to dock and unload cargo. The rise in container prices further adds to the financial burden on companies, as they struggle to cope with the increased demand and supply issues in the current shipping environment.

Source .