News / Major shipping delays tie up millions in our cashflow, say Hong Kong BCOs

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Shipping delays in Hong Kong are causing “big trouble” for local manufacturers, tying up millions of dollars in cashflow.

According to Steve Chuang, deputy chairman of the Federation of Hong Kong Industries, shippers are waiting up to ten weeks for vessel space, with freight rates reaching $15,000 to send a 40ft container to the US.

“For dangerous goods (DG) it’s $25,000, and you have to wait weeks sometimes for a container or a booking,” he said yesterday at a Hong Kong Shippers’ ...