Container Conundrum

Only 40% of container ships arrived on time in March, down from 70% pre-pandemic, primarily due to massive backups waiting to unload. Moreover, delivery delays stretch from docks to rail yards. These delays have increased the cost of moving a 40-foot sea container from China to LA 34.5% since 1/1/21 and 228% Y-o-Y. However, profits for ocean carrier Maersk rose from $197 million in 20Q1 to $2.7 billion in 21Q1.