As U.S. exporters scramble to meet the increased demand for their products created by the weak dollar, they are running into an unexpected snag: Space on ships leaving American ports has suddenly become scarce.
So the country's farmers, chemical companies, machinery makers and other exporters are facing delays at the docks that erode the currency advantage they enjoy over their foreign rivals. Or they end up paying a premium for space that, until recently, shippers were almost giving away, producers and shippers say.
Timothy Powers, chief executive of Hubbell, an electronics maker based in Orange, Connecticut, told investors this week that in March, his company saw East Coast waiting times for cargo space jump from two days to three weeks.
I guess its time to look at shipping company stocks.
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