Reuters cited Refinitiv data, which indicated that over 300 dry-bulk freighters are waiting to deliver into China. Of them, most affected are those carrying coal and iron ore from Australia.
Currently, China to a market shutdown for its week-long Lunar New Year holiday, which leads to an expected congestion is normal. Nevertheless, the backlog increased significantly over the past week, due to dozens of new ships arriving while far less cleared customs.
The ports that experience the most problems are:
- Ningbo and Zhoushan zone;
While China’s Lunar New Year holiday is universally observed and will halt most business in the Chinese economy for a week, traders noted that it should not have affected customs this week or last.