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NewsTranscript
00:00 According to Thomson Reuters, to get a 40-foot shipping container from China to the United
00:03 States, it costs $20,000.
00:05 Just a year ago, that same box on the same route would cost less than $4,000.
00:10 So why is this happening?
00:11 Well, for a couple reasons, with one being oil and gas has skyrocketed.
00:15 Another important factor is wait and port time.
00:18 Currently shipping ports are incredibly backed up.
00:20 So while companies and consumers are feeling the pressure, there's one group that doesn't
00:23 mind this, and that's the shipping companies themselves.
00:26 Take a look at the shipping company Starbolt, for instance.
00:28 In 2020, they had total net earnings of $9 million, but in 2021, that skyrocketed to
00:33 $680 billion.
00:34 Because of this, they made a port congestion dashboard that shows the anchor, port, and
00:38 congestion times of the six most busy ports in the world.
00:41 And I suspect as long as congestion numbers remain elevated, shipping companies like Starbolt
00:45 will continue to rake in the profit.
00:47 Lincoln Bio, thanks for watching.