At the end of last week, I went to my little brother’s birthday party. He works in the logistics industry, and he gave me some troubling updates about the current shipping crisis…
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Well, at the end of the week, I went out and saw my youngest brother.
It was his birthday, so I went to his house to give him his present.
He works for an automotive manufacturer, so he’s got a really good vision on the inside of the logistics industry.
And unfortunately, the picture he painted for me isn’t very pretty.
His company posted a $200 million loss in 2021, and they’re estimating a $300 million loss in FY 2022.
Part of the problem with shipping right now is weather.
It’s not that everyone loves Long Beach more than any other port, it’s more that other ports on the West Coast are fair weather ports.
That means that when the weather isn’t good, ships can’t dock and unload. And as you probably know, weather in places like Portland and Seattle is unpredictable at best.
To make matters worse, Mexico is trying to make some changes to get more revenue, but everyone things it will just jam a wrench in the gears and slow everybody down.
Historically, it’s cost $700-$800 to put a container on a ship across the seas. Now, it costs $10-$30k.
But to make matters even worse, the possibility looms of a strike at the Long Beach port.
If that materializes, I guess all bets are off.
I wish I had better news on a Monday, but we need to be honest about this stuff.
If you’re looking for happier tidings, check out the 60 Minute Surges video posted above.
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Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
Daily Profit Publishing and Jeffry Turnmire do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
We are not licensed to provide you personalized investment advice. Nothing in these communications should be construed as personal investment or financial advice.
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