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Maersk considers the canal ahead for just-in-time supply chains

Cons. Discr. - Autos 1037 Cons. Discr. - Durables 405 Corp - Ports 826 Corp - Shipping 877 Industrials - Capital Goods 518 Info Tech - Tech Hardware 681 Mode - Containerized 1352 Mode - Seaborne 1685 Theme - Canals 104 U.S. 4927

The disruptions to shipping operations through the Suez Canal will take several weeks to clear, as discussed in Panjiva’s research of March 29, and should lead firms to consider their long-term supply chain strategies. Maersk’s CEO, Soren Skou has stated that supply chain operators “are moving towards a just-in-case supply chain, not just-in-time” after the pandemic and the U.S. China trade war, while the Suez Canal “incident will make people think more about their supply chains“, the Financial Times reports.

The Suez Canal blockage is far from being the only issue that has befallen the logistics component of supply chain operations recently. Indeed, as of the writing of this report Maersk’s Eureka is out of operation eastbound in the Pacific with a broken fuel pump, making it the third Maersk vessel to sustain significant issues recently.?

Additionally, Maersk’s 2M Alliance partner MSC’s Tina has suffered significant hull damage, Maritime Executive reports, after a quayside collision in Turkey on its eastbound voyage to Singapore and South Korea, requiring an extension of its schedule.

Panjiva’s data shows that the Maersk Eureka made four inbound voyages to the U.S. in the 12 months to March 28 with an aggregate 62,410 TEUs delivered. The largest consignees using services on the vessel have been Samsung Electronics and Seiko Epson with 625 TEUs and 335 TEUs handled respectively. Delays linked to brand owners Newell and Spectrum Brands, with shipments of 370 TEUs and 270 TEUs respectively may cause knock-on challenges for their retail customers.

Samsung, Seiko the largest users of Maersk Eureka on U.S.-inbound lanes

Chart segments U.S. seaborne imports carried on the Maersk Eureka in the 12 months to Feb. 28, 2021 by consignee and product. Source: Panjiva

While retail imports of completed finished goods face a potential risk of stockouts and lost sales from the challenges faced by the Maersk Eureka, the more challenging effect may come from the impact on deeper elements of manufacturing supply chains from delays in shipments of electrical components. Those have already been roiled by the Trump administration’s tariffs on imports from tariffs.

Panjiva’s data shows that total U.S. seaborne imports shipments of electrical components climbed 11.2% year over year in the 12 months to Feb. 28, while those from China surged 29.6% higher. That likely reflects the earlier recovery from the pandemic in China compared to other countries. The impact of tariffs can be seen more clearly in the share of U.S. imports from China which fell to 35.5% of the total in 2019 compared to 39.0% in 2016.?

China component supplies resurgent after tariff depression

Chart segments U.S. seaborne imports of electrical components by origin on a monthly and three-month average basis. Source: Panjiva

Maersk and MSC combined accounted for 22.7% of U.S. seaborne imports of electrical components in the 12 months to Feb. 28 after an expansion of 21.2% year over year compared to the 11.2% market growth.

The largest importers of electrical components handled by Maersk and MSC, outside solar power, include automaker Volkswagen and supplier Bosch with 2,340 TEUs and 1,640 TEUs transported respectively in the past 12 months, with continuing declines in shipments as the automotive industry deals with a shortage of semiconductors.?

In terms of capital goods, shipments linked to ABB and General Electric have recovered more recently with growth of 36.8% and 86.1% in January and February combined, though some care will be needed going forward with comparators as the start of the pandemic comes into prior year figures.

Auto component imports in reverse, capital goods booming

Chart segments U.S. seaborne imports of electrical components handled by Maersk and MSC by consignee. Source: Panjiva

Copyright ? 2021 Panjiva Supply Chain Intelligence, a product offering from S&P Global Market Intelligence Inc. All rights reserved.
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