Update: Global bottlenecks and Price Increases
To our loyal customers, phriends, and family we want to update you on the ongoing global bottlenecks and the continued price increases that are seen all over the world, and throughout a multitude of industries. One cannot truly predict when the cost of goods will level off, let alone decrease. The demand for products still outweighs the current global supply.
(Image of a freight container ship in a glass bottle)
It has been a constant challenge to maintain current pricing and adhere to our strict beliefs of producing top-quality products Team Phun is known for, and our clients deserve and expect. Importers and exporters are paying a premium in addition to rising rates just to keep goods moving, leading to an uptick in prices from all industries we rely on. We are receiving notifications from many of our manufacturers of their intent to raise prices within the next few weeks as they also try to maneuver through this difficult and ever-changing time.
(Real-time cost of current freight shipping)
Ocean Freight costs have continued to sky-rocket. Ports are still at capacity with at times 30+ships waiting in the wings to pull into port, only adding to delays. Ongoing labor shortages and shutdowns due to the pandemic add even more fuel to the fire.
* Asia-US East Coast prices are at $19,943/FEU, a 30% increase in the last four weeks and 475% higher than rates for this week last year.
*Asia-US West Coast prices are at $18,425/FEU, a 50% gain since a month ago. This rate is 503% higher than the same time last year.
To see current freight shipping costs click here.
As always we appreciate your loyalty to our brand, vision, and quality in products and services. Our prices will be increasing so as not to sacrifice the standards and turnaround times you have come to expect from us at Team Phun. We will maintain transparency when increases happen and appreciate your patience and understanding as we all get through this.
To see our previous post on global bottlenecks click here.
Please feel free to send us any questions you may have. We appreciate your loyalty and patience during this time.