Two Key Ports in China Prepare as Typhoon Chanthu Approaches
Temporary closure of these port would lead to delayed shipping schedule and higher freight costs
Temporary closure of these port would lead to delayed shipping schedule and higher freight costs
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Port authorities of Xiamen Port and Zhoushan Port have issued a warning to ships to adjust their navigation away from typhoon Chanthu waters. Zhoushan port has issued a level four emergency response signal.
Typhoon Chanhtu is one of the violent typhoon crossing over the western pacific. According to AccuWeather data, cyclone Chanthu is 716 km away from Taipei and moving North West at 19km/h.
Although the typhoon weakened over its course, however it has the potential to cause heavy flooding and landslides in the areas it passes through. Even temporary closure of the key ports in China and potential delays in shipping schedules would further stretch the already strained global supply chain. Given the holiday season closing disruption in supply chain would further push freight prices higher. Baltic Dry Index (BDI) index is at its 5 years high of 3,643 up by 25 points.
Earlier in recent months China had put Zhoushan port under closure due to COVID reassurance which has already put supply chain at its nerves.