CAUGHT IN THE MAELSTROM:Businesses Swept Away by Surging Costs
Three weeks ago, Mintesinot Lemma, the general manager of Mintu Plast Plastic Raw Materials Production Plc, imported 22 shipping containers of plastic raw materials from Oman. What should have been a three-day journey turned into a month and a half, as the vessels changed routes navigating the treacherous waters.
"Everything has changed," he told Fortune.
Mintesinot highlights the far-reaching impact of changing routes, citing additional shipping costs, delays in settling payments with banks for letters of credit, and disruptions to production schedules. He elucidated that despite the ra...