The impact of COVID-19 on global supply chains can be felt throughout all industries and business sectors. At Global-Pak, we have seen a disruption from several of our supply chain partners. Frequent communication with our vendors and forwarders has helped ensure the continuity of product and that our customers have stock on the floor.
This year has been like no other with the pandemic, political climate, trade wars, and natural disasters, but regardless of chaos, a successful organization powers through and effectively delivers the goods and services they promise. At Global-Pak, we continue to be proactive in our day-to-day operations to stay ahead of the competition and provide our customers with high quality products. To help reduce the effects of supply chain disruption, we have added quality suppliers to our existing supplier base and continue to monitor the markets closely.
Domestically, we are seeing some open capacity due to shutdowns and a slower than anticipated re-opening in some business sectors. This has caused some shortages versus demand that has driven various commodities pricing upward and will have a domino effect on the overall economy. Our team is working with our suppliers to continue keep products competitively priced.
Internationally, many suppliers continue to battle the virus and their own government shutdowns. Daily communication is vital to ensure that we stay on track and provide our customers with the product they need. Throughout the uncertainty, our suppliers continue to push forward to ensure an adequate supply of inventory.
Logistically, we are seeing many challenges on imported goods. Vessels are overbooking by 110%, causing some cargo to roll to the next ship. Current issues within the supply chain include blank sailings continuing to limit capacity and equipment shortages in certain regions. We understand the importance of communication and being proactive versus reactive when things become ambiguous. To combat logistics issues, we utilize multiple carriers for our shipments and forecast the amount of TEU’s by lane per year to develop a plan with our forwarder and the vessels moving our freight. If we still need to make an adjustment to get the product here in time, we can alter the compositions of containers to group by urgency or adjust the sailing route for faster transit.
No matter the situation, Global-Pak is committed to working effortlessly to ensure our customers have what they need when they need it.