FAST FIVE: A Record $22 Billion Worth Of Cargo Is Now Stuck On Container Ships Off California

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19, trans-Pacific spot rates plateaued, the Biden administration unveiled aspirations for 24/7 port ops, and electricity shortages curbed Chinese factory output.

According to the Marine Exchange of Southern California, 70 container ships were waiting off Los Angeles and Long Beach on Monday, 67 on Tuesday and 71 Wednesday (not including other cargo ships that are loaded with boxes).

He was told that the ship operator “hadn't negotiated with the terminals for a berth” before arrival, which led to the extended delay.

According to Alphaliner, BAL is chartering the S Santiago for around $125,000 a day.

So far, that ship has been waiting – and not loading any more revenue-generating cargo – for 26 days straight.

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