(ZEROHEDGE) – There’s panic-buying of gasoline in the U.K. Natural gas prices in Europe and Asia are skyrocketing. Protests are breaking out across Europe due to spiking electricity bills. India and China are short of coal for utilities. Power is being rationed to factories in multiple Chinese provinces – and winter is coming.
First came the COVID-induced global supply chain crisis for container shipping. Now comes a power crunch across Asia and Europe. Energy commodity stockpiles – just like U.S. retail inventories – did not build back up fast enough to contend with post-lockdown demand.
How could the power crunch affect ocean shipping? For U.S. importers of Asian containerized goods, it’s a negative: another crimp in the supply chain. For commodity shipping – dry bulk, liquefied natural gas (LNG) and possibly oil tankers – it’s a recipe for higher rates.
