Topic: Freight Waves

The ports of Los Angeles and Long Beach are experiencing record backups, with nearly 100 ships waiting to unload. The hosts discuss the "trucking problem," noting that new regulations and driver shortages are preventing cargo from leaving the docks. Reports from "Freight Waves" suggest some companies are resorting to bribing their way into ports to retrieve their own containers.

A major COVID-19 outbreak in China has led to the shutdown of the Yantian shipping port, causing a massive backlog of cargo vessels. This disruption threatens global supply chains, as the port handles a significant percentage of exports to the U.S. and Europe. The crisis is exacerbated by a global shortage of empty shipping containers, which has driven up freight rates significantly.