A recent explosion aboard the Yang Ming-owned vessel YM Mobility at Ningbo Port, China, and the subsequent closure of Ningbo Beilun’s Phase III Terminal is expected to have cascading effects on the main trans-Pacific trade lanes out of Asia, and the supply chain at large, Oilprice.com reported. Ningbo is the world’s third-busiest container port, with volume of 33.35 million twenty-foot equivalent units in 2023. The shutdown comes in the middle of the peak shipping season.
