Port strikes at five key five German ports may cost $6 billion (£4.71 billion) in lost trade according to data and analytics company Russell Group.
Of this $6 billion, analysis by Russell’s ALPS Marine has identified that commodities such as cars & people carriers ($399 million/£313 million), good transport vehicles ($129 million/£101 million) and pharmaceuticals ($717 million/£559 million) have been disrupted by the strikes.
The strikes in Hamburg, Bremerhaven, Bremen, Brake and Emden were called because of stalled negotiations between unions and employers.
Bremerhaven is one of the world’s main hubs for cars & people carriers with over $67.32 billion (£52.71 billion) being imported and exported from that port annually according to Russell’s ALPS Marine analysis.
Suki Basi, Russell Group’s Managing Director, said, “Stalled negotiations between unions and employees ultimately ends up resulting in stalled production lines. That is a matter for the various parties involved in negotiations to resolve, but when such events occur the ripple effect touches many other links in the supply chain all the way from the manufacturers to ports, logisticians and ultimately the consumers and insurers which provide cover.
“The result is business interruption events at so many levels, which need to be monitored at an increasingly granular level to achieve business resilience and long-term sustainability.”