Supply Chain Crisis Threatens Perfect Storm For Bankruptcies As Freight Rates Soar 500 Percent

If you thought last year’s shortages were bad, and the price increases were absurd, you’ll probably be very upset to know that the situation is going to get a whole lot worse this year. Our global supply chains are broken, and there isn’t a simple solution to fix it. One of the biggest problems we had last year were the lack of enough containers in the right places and the excess of empty containers in the wrong places, which has exacerbated port congestion and delivery delays, and contributed to long lead times, surging freight and transportation costs, increasingly empty retail shelves, and higher prices at the stores. The problems associated with the shortages will continue to grow as the new wave of virus cases spreads around the globe. We’re already witnessing a new round of lockdowns, disruptions in production, and widespread factory shutdowns in major manufacturing countries. And as our issues at ports compound, industry executives are reporting that there’s a huge buildup of empty containers in the wr