International Freight Update
As we approach Chinese New Year, international freight continues to have multiple ongoing issues, causing delays within almost every region. Many materials are facing challenges to leave ports in China, and a general lack of vessels has only compounded the problem. Freight costs remain the largest factor in driving recent prices upwards, though currency changes have also affected certain products. Indonesia is experiencing especially strong delays as it adjusts to new regulations designed to minimize transportation between the islands. This has made shipping between areas within the Indonesian region difficult, and may cause additional price increases should these delays continue. We currently expect most of these shipping issues to be improved once Chinese New Year has ended, though we encourage everyone to continue monitoring the COVID-19 regulations and travel restrictions of oil-producing regions.
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