In the first seven months of 2021, cargo volumes between Asia and North America were up by 27% compared with pre-pandemic levels.

Prices to ship containers from Asia to the U.S. and Europe are rising at a historic pace as cargo owners bid up rates in a search for ocean transportation capacity that shipping industry executives expect to remain tight for the rest of the year.

Backed up ports and the Suez Canal fiasco are just surface problems. When things go wrong in this business, they go seriously wrong.