“We’re facing a period of chaos unlike anything we’ve ever experienced — shipping disruptions, container shortages, high costs from the Red Sea situation, and rising fertilizer prices. The uncertainty is overwhelming. COVID was terrifying, but the stress is greater now,” he said. “We’ve never dealt with diesel prices above $6 a gallon (approximately 8,300 won) for this long, or figuring out how to pass those costs on to customers.”
Meanwhile, Ryan Petersen, CEO of Flexport, a logistics and supply chain software platform, told [CNN] that the resurgence of the Iran-allied Houthis in the Red Sea and Somali pirates in the Gulf of Aden has forced shipping companies to reroute. This has caused a 15% drop in global shipping capacity. “I’ve been in logistics for 25 years, and I’ve never seen anything as bad as this,” he added.
