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Suez Canal: Companies From IKEA to Caterpillar Hit by Growing Trade Crisis
Posted
March 26, 2021
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March 26, 2021
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0:54Now PlayingSwedish furniture giant Ikea and yellow bulldozer-maker Caterpillar Inc. typify the supply-chain headaches facing international companies due to the massive container ship blocking the Suez Canal.
Ikea said it’s considering all options to ensure availability of products such as flatpack beds and couches, while Caterpillar is said to be considering airlifting products if necessary. Seabay International Freight Forwarding Ltd., a company that handles Chinese goods sold on platforms such as Amazon.com Inc., has 20 to 30 containers on the ships waiting to cross the blocked canal, according to owner Mark Ma.
“If it can’t be resumed in a week, it will be horrible,” said Ma. “We will see freight fares spike again. The products are delayed, containers can’t return to China and we can’t deliver more goods.”
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