As Americans struggle with rising consumer goods and fuel prices, a stockpile of containers has formed at ports across America. The surplus of shipping containers results from the supply chain problems that Joe Biden created when he stepped into office. No one is shipping things worldwide because supply and demand are all messed up.
Shipping containers are sold to buyers once it becomes unusable. The market for used shipping containers was once competitive, but prices have started to fall with inflation on the rise.
The oversupply of containers is contributing to second-hand container market prices plummeting, according to a new analysis from Container xChange.
Freight rates have come down by approximately an average of 20 percent since the beginning of 2022, and these will continue to slide gradually. However, there will not be a massive decrease because the underlying disruptions in the supply chain are still in place, said Container xChange, a tech platform built to simplify the logistics of container movement.
Christian Roeloffs is co-founder and CEO of Container xChange. Newsbreak reported that he pointed out, “The current situation of oversupply of containers is a result of a series of reactionary market disruptions that began soon after the outbreak of the pandemic in early 2020. With the rise in demand, congestion at ports increased and the container capacity was held up for a considerably long period of time. This led to the panic ordering of new boxes at record levels.”
Biden’s pushing of the pandemic and port issues led to purchasing new containers. It was easier to have new one’s made than to sit and wait for a used one to be delivered. The standard process of shipping is entirely out of control.
Business owners need to move their products and do not have the time to waste waiting for a container to weave its way through Biden’s mess. Inflation is destroying economies all around the world. And until something is done to fix the problem, a new way of transacting business will be created.
The explosion of available cargo containers is helping to drive prices down. Newsbreak reported that “Drewry’s composite World Container Index (WCI) was down 0.7 percent to $6,998.80 per 40-foot container or equivalent unit (FEU) for the week ended July 14 and declined 21 percent when compared with the same week last year. For the year to date, the average composite index of the WCI was $8,321 per FEU, which was $4,788 higher than the five-year average of $3,533 per FEU.”
Lower prices are good news, but the cost is enormous. Inflation has reached an all-time high. People are cutting back on how much they spend on extra items. And Biden seems unwilling to lift a finger to solve his created problem.
Newsbreak reported that the drop in pricing was not a shock. The slide in pricing has been taking place over the past year. And until there is a change in the market and supply chain, the issue will worsen.
The market currently has over 6 million containers sitting in empty shipyards. Getting those containers back into the flow of being used will take some time.
The president is responsible for the explosion of shipping containers because he clogged up the system. Biden does not care about anything or anyone. He will do what makes himself happy and popular with his international buddies.
Newsbreak also reported that Container xChange was confident that the holiday season would help use up some excess containers. But if Joe Biden has his way, he will see that things are ruined just in time for Christmas. The old man cannot stand to see people happy and spending time with their families.
The upcoming election cycle will be the change the world desperately needs. So many nations depend on the strength and prosperity of the United States. Biden purposely weakened the country so that other nations fell into financial hardship. The truth shows that the world is ready for Biden to retire because he is a problem for everyone.