Shipping Container Shortage & Soaring Freight Rates Are Severely Aggravating Supply Chain Crisis

Last week's events were another major blow for global supply chains and now industry experts are warning businesses and consumers more delivery delays, shortages, and even more acute price hikes are coming. A series of disasters, including devastating floods in China and Europe, could result in empty grocery shelves, out-of-stock products, and prolonged shipping delays, exacerbating the already strained global supply chains. Western Europe and China’s Henan province - key transportation centers and home to several major businesses - are struggling to resume operations as the disasters have severely damaged railways used for the delivery of goods and raw materials in both regions. Companies in the supply chain industry reported that “water rushed into industrial areas extensively damaging facilities“. In an interview with CNBC, Pawan Joshi, the executive vice president of supply chain software firm E2open, said that “Black Friday and the holiday season, for which products and raw materials are being staged,