One employee had a positive COVID test and the Chinese Authorities closed Ningbo port the 3rd largest in the world, costing the world economy billions, yet other areas in China are on the 3rd wave of COVID.
While the rest of the world get vaccinated and learn to live with COVID 19 and the new strains, the country that started the virus are now controlling and derailing the global economic recovery.
The closure of Ningbo left 48 vessels at anchor and millions of containers backed up causing massive delays.
Some economists are saying that port closures are a ploy that forces up prices with the aim to drive the Western economies into a depression with the massive price hikes on the freight costs.
Take COSCO (China Ocean Shipping Company) as an example the 3rd biggest in the world, a 20,000 TEU vessel during October 2020 would arrive in Europe and the revenue was an average of 15.5 Million Dollars for that sailing, the same vessel today is now 175 Million Dollars, surely China could reduce prices causing all shipping lines to follow suit to help the European and Global recovery from a pandemic that originated there?