Glotrans would like to send to customers and partners the latest information on the situation of seaports in China in recent days:
The global supply chain faces a new disaster: China's second largest port suddenly stops working, goods are stuck at some of the busiest container ports in the world due to extreme weather in China like the rainy season brings big storms.”
Yantian Port, located in the industrial and export hub of Shenzhen, suspended its container pick-up service on Tuesday night due to a storm warning.
Just two weeks earlier, major facilities at Yangshan Port in Shanghai and nearby ports had to evacuate ships when Typhoon In-Fa made landfall, causing widespread flooding and causing containers to be routed. America is overthrown.
Things could get even worse in the near term, with officials forecasting more typhoons to make landfall in China this month.
The supply chain has faced many unfortunate events in the past year. In May, due to some port staff being infected with Covid-19, Yantain had to partially close down, causing the cargo in the container to accumulate for a month. As the ships diverted from southern China, some factories in the nearby manufacturing hub of Guangdong province had to close because much inventory could not be exported, according to analysts.
"The impact from the Yantian port closure is unprecedented on the supply chain, as it serves one of the manufacturing facilities," said Salmon Aidan Lee, head of polyester at consulting firm Wood Mackenzie. It's the biggest in the world. If a few other storms hit and affect production for a few days, this problem will only get worse."
The disruption has sent the cost of shipping a 40-foot container from China to the US to a record high of more than $10,000, according to maritime consulting firm Drewry.
Due to the influence of extreme weather the train from Yantian, Shenzhen will be delayed. Thank you for your understanding because of this force majeure situation, GLOTRANS always tries its best to bring the best service to customers.
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Company T (Plaintiff – the Insured) entered into an insurance contract with Company B (Defendant – the Insurer). After the insured event occurred, the Insurer alleged that the Insured had violated its obligation to prevent and mitigate losses. The Arbitral Tribunal acknowledged that such an obligation exists but concluded that the Insured did not breach it.
Under the insurance contract, the premium was to be paid in three installments, and in all three, the insured party was late in payment. When a dispute arose, the insurer (Defendant) argued that the insurance contract had terminated before the insured event occurred due to the late premium payment and therefore refused to make an insurance payout. However, the Arbitral Tribunal held a contrary view.
