supply chain News

Global Supply Chains Buckle as Virus Variant and Disasters Strike

LONDON/BEIJING — A new worldwide wave of COVID-19. Natural disasters in China and Germany. A cyber attack targeting key South African ports. Events have conspired to drive global supply chains towards breaking point, threatening the fragile flow of raw materials, …

How Pandemic Effects on Supplies, Shipping Compound Wildfire States’ Insurance Woes

A perfect storm appears to brewing for homeowners and property insurers in the drought-plagued, wildfire-riddled U.S. West – and as odd as it may sound, the trouble may have begun with the pandemic. Property insurance rates and availability for homeowners …

Stung By Pandemic and JBS Cyberattack, U.S. Ranchers Build New Beef Plants

U.S. cattle ranchers and investors are sinking hundreds of millions of dollars into new beef plants after temporary closures of massive slaughterhouses at the start of the COVID-19 pandemic left farmers with nowhere to send animals destined to be turned …

Mississippi River Traffic Resumes Under Damaged Bridge

MEMPHIS, Tenn. (AP) — River traffic has reopened on the Mississippi River near Memphis, Tennessee, three days after it was closed when a crack was discovered in the Interstate 40 bridge that connects Tennessee and Arkansas, the U.S. Coast Guard …

Egyptian Court Rejects Appeal Against Detention of Ship in Suez Canal

CAIRO — An Egyptian court on Tuesday ruled that the container ship which blocked the Suez Canal in March could continue to be held in the waterway, rejecting an appeal by its Japanese owner against its detention, a judicial source …

Global Supply Lines Struggle to Clear Container Backlog After Suez Chaos

LONDON/LOS ANGELES — A backlog of container ships carrying consumer goods has grown in some key strategic ports after a near week-long blockage in the Suez Canal, adding to ongoing disruptions to global trade, industry sources say. Dozens of container …

Greensill Insurance Mystery Turns Up the Heat on Credit Suisse

Credit Suisse told investors the debt in its $7.3 billion finance fund was low risk because it was insured but the bank failed to ensure the policies would pay out, two sources told Reuters. When Japan’s Tokio Marine, the company …

‘Beached Whale’ Ship Could Block Suez Canal for Weeks

ISMAILIA, Egypt — A container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global trade. …

Stranded Suez Ship’s Owner, Insurers Face Millions in Claims

LONDON — The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday. The 400-meter, 224,000-tonne …

Supply Bottlenecks Leave Ships Stranded, Businesses Stymied

NEW YORK (AP) — A trade bottleneck born of the COVID-19 outbreak has U.S. businesses anxiously awaiting goods from Asia — while off the coast of California, dozens of container ships sit anchored, unable to unload their cargo. The pandemic …