Odd Lots How the World's Companies Wound Up in a Deepening Supply Chain Nightmare
May 17, 2021
Ryan Peterson, CEO of Flexport, dives deep into the chaos of global supply chains. He reveals how recent disruptions, like the Ever Given blockage, continue to ripple through industries, raising costs and causing shortages. Peterson underscores the empty container dilemma, pointing out the need for modernization in shipping logistics. He discusses how businesses are navigating crises with innovative strategies and highlights the critical role of relationships in supply chains, emphasizing that loyalty often trumps mere pricing.
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Cargo Insurance
- Get cargo insurance to avoid potential bankruptcy from unforeseen shipping issues.
- Tracy Alloway is advised to insure her shipment to protect Bloomberg.
Increased Demand
- Increased consumer spending on goods during the pandemic, due to lockdowns, has overwhelmed shipping capacity.
- Ocean carriers reduced capacity anticipating decreased demand, exacerbating the problem.
Empty Containers
- Flexport offered to pay to ship empty containers back to China but was refused.
- This anecdote highlights the bureaucracy and lack of agility in the shipping industry.