Dubai-based port operator DP World, one of the biggest global port operators, has said that it anticipated supply chain bottlenecks to continue at least for another two years.
“The global supply chain was in crisis in the beginning of the pandemic,” Chairman and CEO Sultan Ahmed Bin Sulayem told Bloomberg TV in an interview at Dubai Expo 2020 recently, adding that “maybe in 2023 we’ll see an easing.”
He said that “freight rates will continue to increase and the shipping lines are having an amazing time.” The CEO noted that “even now, every time they see an incident of Covid in China, they shut down a port. Many manufacturers around the world are delayed by as much as three years because they can’t get components from China. They’re taking a very, very aggressive approach.”
“Belt and Roads was built on everything leaving China smoothly in these six belts — three by rail, three by sea. But today, with the obstacle of Covid coming into the equation, I wonder if they’ll have to review it.”