Dubai's DP World claims a long time until shipping supply chain disruptions end
The Dubai ports giant DP World's chairman said on Wednesday that the world'' soaring freight rates, which have hampered shipping, port congestion, and skyrocketing freight costs, are not ending.
COVID-19 lockdowns and an unexpectedly rapid recovery in demand as economies recover from the epidemic have created bottlenecks.
These are the complications. Nobody knows how long it will take. Sultan Ahmed bin Sulayem said at Expo 2020 in Dubai that I think its going to take a long time, declining to say when the disruptions will end.
The issue is complicated because you have a long list of cargo.
DP World, owned by the United States, is one of the world's largest port operators, with over 90 sites in six countries.
Bin Sulayem further said that the firm's workforce will reach almost 100,000 people in the next three to four months, up from 56,000 today.
A DP World spokesman told Reuters that the headcount was increasing because of staff from businesses that it is buying or has offered to buy to join the firm.