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Maersk sees no let up in surging cost of shipping goods

By Richa Naidu and Padraic Halpin LONDON/DUBLIN (Reuters) - The cost of shipping goods has surged 25-30% since the start of the pandemic due to array of inflationary pressures...
Maersk sees no let up in surging cost of shipping goods © Reuters. FILE PHOTO: Shipping containers are transported on a Maersk Line vessel through the Suez Canal in Ismailia, Egypt July 7, 2021. REUTERS/Amr Abdallah Dalsh/File Photo

By Richa Naidu and Padraic Halpin

LONDON/DUBLIN (Reuters) - The cost of shipping goods has surged 25-30% since the start of the pandemic due to array of inflationary pressures that are "unlikely to abate in the short term," world No. 1 container shipping company Maersk told Reuters on Wednesday.

Maersk is viewed as a bellwether for global trade as it transports goods for retailers and consumer companies from Walmart (NYSE:WMT) and Nike (NYSE:NKE) to Unilever (NYSE:UL).

Higher supply chain costs have rocked the retail and packaged goods industries since the start of the COVID-19 outbreak, particularly over the past year as economies have started to recover, with logjams at key ports holding up containers of everything from food and health products to toys.

"I think some more inflation (will) come through in the years to come," Vincent Clerc, chief executive of Ocean and Logistics at Maersk said in an interview during the Consumer Goods Forum's Global Summit conference in Dublin.

"Logistics is very energy and labour intensive, and those are two of the areas of the economy that are subject to significant inflationary pressure."

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27-06-2022 08:56:29 (UTC+7)

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    EUR/USD 1.0563 ↑ Buy  
    GBP/USD 1.2280 ↑ Buy  
    USD/JPY 134.63 Buy  
    AUD/USD 0.6920 ↑ Buy  
    USD/CAD 1.2891 ↑ Sell  
    EUR/JPY 142.21 Buy  
    EUR/CHF 1.0107 ↑ Sell  
    Gold 1,836.65 Neutral  
    Silver 21.375 Neutral  
    Copper 3.7997 ↑ Buy  
    Crude Oil WTI 107.53 ↑ Buy  
    Brent Oil 109.12 ↑ Buy  
    Natural Gas 6.218 Neutral  
    US Coffee C 223.40 ↑ Buy  
    Euro Stoxx 50 3,533.17 Neutral  
    S&P 500 3,911.74 ↑ Buy  
    DAX 13,118.13 ↑ Sell  
    FTSE 100 7,208.81 ↑ Buy  
    Hang Seng 22,142.00 ↑ Buy  
    Small Cap 2000 1,765.74 ↑ Buy  
    IBEX 35 8,244.10 Sell  
    BASF 42.215 ↑ Buy  
    Bayer 57.79 ↑ Sell  
    Allianz 181.20 ↑ Sell  
    Adidas 170.36 ↑ Sell  
    Lufthansa 5.966 ↑ Sell  
    Siemens AG 102.62 ↑ Buy  
    Deutsche Bank AG 8.919 ↑ Buy  
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SJC Eximbank6,775/ 6,845
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