Supply chain issues to persist till next summer, Siemens chairman says

Supply chain issues will likely persist through next summer, Jim Snabe, chairman of Munich, Germany-based Siemens and Copenhagen, Denmark-based Maersk, told CNBC Dec. 1. 

Mr. Snabe told CNBC Siemens is experiencing congestion at ports on the West Coast, adding one of the main causes is lack of truck drivers to pick up containers. 

Mr. Snabe said Maresk had 84 vessels waiting for an average of 18 days at ports at the end of last week. 

"You have higher demand and lower capacity, not because we don’t have enough vessels, but because they are not sailing because of congestion," Mr. Snabe said. "We have to balance that out. We think this will happen somewhere mid-next year, but maybe not before."

Mr. Snabe added the trade of goods has increased during the pandemic.

"There was a short period when the factories closed when the volumes went down, but since the middle of 2020, the demand for physical products has gone up dramatically," Mr. Snabe said. 

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