More than 60 container ships carrying clothing, furniture and electronics worth billions of dollars are stuck outside Los Angeles and Long Beach terminals, waiting to unload, according to the Marine Exchange of Southern California.
Pre-pandemic, it was unusual for more than one ship to be in the waiting lane at the No. 1 U.S. port complex, which handles more than half of all American imports.
Other big retail players [including Walmart], such as Target (TGT.N), Home Depot (HD.N), Costco (COST.O) and Dollar Tree (DLTR.O), have said they are chartering ships to deal with the pandemic-driven slowdown of sea networks that handle 90% of the world’s trade. More