Primary Taiwanese news agency Central News Agency (CNA) recently reported that China’s largest port, the Zhoushan Port of the Ningbo City in Zhejiang Province, suffered a COVID outbreak. Its Meishan Port Area is temporarily closed. Zhoushan Port has 19 port areas and the Meishan Port Area is the largest, shouldering 20 percent of Zhoushan’s total cargo capacity. It is currently in the peak season of ocean shipping. European and American companies have been stepping up their efforts to replenish their inventory. The Meishan Port Area closure triggered a fear that the freight rate may rise further and even disturb the peak Christmas consumption season near the end of the year. According to Chinese local media reports, affected by the soaring freight rates, Chinese foreign trade companies have been under great cost pressure and some companies have reduced shipments or even suspended orders. Ningbo Zhoushan Port is the world’s third largest container port. Its container throughput in 2020 was 28.72 million TEU (Twenty-foot Equivalent Units, a measurement of cargo capacity), second only to Shanghai and Singapore. Its Meishan Port Area is the newest port area which primarily serves U.S. and Europe routes.
Source: CNA, August 15, 2021