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Tuesday, June 29, 2021

Shipping Capacity Continues To Lag Behind Demand

Volume 333 | June 29, 2021
Shipping Capacity Continues To Lag Behind Demand

As the world economy continues its resurgence from the pandemic, U.S. ports remain clogged due to the shock of sudden spikes in demand. After the initial drop in global demand for shipping containers in 2020, Americans shifted spending away from services and more towards durable goods, resulting in a 120% year-over-year shipping volume increase in April 2021 for the Port of Los Angeles. 

At the same time, transpacific capacity has failed to keep up with demand, only growing by 32%, while Europe-Asia capacity only saw an increase of 20%. This has resulted in somewhere between 60% and 65% of the world’s cargo ships running about a week late on average. Overall, the cost of standard freight rates has seen a dramatic spike, with an index of global rates showing an increase from $2,000 to more than $5,000 per 40 ft. container. 

Further reading: Wine Business
PARK STREET UNIVERSITY FEATURE VIDEO
5 Google Ads Extensions You're Underutilizing

In today’s competitive digital space, it’s important to utilize any tools that can help your brand stand out. In the latest video from Park Street University, Kim Nguyen, Director of Marketing for Speakeasy, walks us through the five Google Ads extensions that are most relevant to the beverage alcohol industry: Sitelink Extensions, Locations Extensions, Price Extensions, Promotion Extensions, and Callout Extensions.
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