As Shanghai looks to finally come out of lockdown, the effects of the lockdown ripple across global supply chains and threaten to create added pressure on the Australian shipping market.
MYC becomes modern slavery compliant
As part of our ongoing movement to grow as a leader in the freight space, MYC has obtained certified compliance with the Ethical Trade Alliance (ETA) for modern slavery.
The Ethical Trade Alliance allows companies and consumers to make informed choices about the products they purchase and services they use. The ETA independently audit and ensure that companies adhere to modern slavery compliance standards.
This certification is a great step in MYC’s movement towards being a transparent, compliant freight forwarder.
What’s happening in shipping this month
Here are the top news items in shipping for May 2022:
1. Lockdowns in China continue to wreak havoc on global supply chains. As China comes closer to leaving the lockdown, it has become clear that the COVID lockdown in China has had a major impact on global economies, including Australia’s.
Even before the Shanghai COVID lockdown, Chinese ports were congested. However, by the end of April, there were hundreds of ships backed up just off China’s mainland. In a report published at the beginning of May 2022, there were 412 unberthed ships outside of Chinese ports.
It has been suggested that, in the near future, shipping lines may start skipping Australia to catch up, which will have a significant impact on the Australian shipping industry and economy.
If you have any questions or feedback, please don’t hesitate to get in touch with your MYC liaison or call us on 1800 434 111.