The broken global supply chain

1 big thing

Axios

News

4.0 • 2K Ratings

🗓️ 30 March 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ever Given was stuck in the Suez Canal for almost a week blocking more than 350 ships. That traffic jam will take days to clear and will affect global supply chains for months. But it’s not just the ship’s fault - global shipping was broken before the Ever Given. Plus, real-world data shows even better news on the Pfizer and Moderna vaccines. And, the HVAC upgrades needed to put kids safely back in the classroom. Guests: Axios' Felix Salmon, Sam Baker and Kim Hart. Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Dan Bobkoff, Justin Kaufmann, Nuria Marquez Martinez, Amy Pedulla, Naomi Shavin, and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. Go Deeper: Massive container ship freed from Suez Canal CDC: Pfizer, Moderna vaccines are 90% effective in real-world conditions The key to opening schools: Better air flow Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Good morning. Welcome to Axios today. It's Tuesday, March 30th. I'm Nyla Budu. Here's how we're
0:10.0	making you smarter today. Real-world data shows more good news on the Pfizer and Moderna vaccines.
0:16.0	Plus, the HBAC upgrades needed to put kids safely back in the classroom. But first, global
0:23.0	shipping's Black Swan event is today's one big thing.
0:33.8	It's free. The Evergiven was stuck in the Suez Canal for almost a week blocking more than
0:39.0	350 ships. That traffic jam is going to take days to clear and will likely affect global
0:45.6	supply chains for months. But it's not just the ship's fault. Axios' Felix Salmon says global
0:51.0	shipping was broken before the Evergiven. Good morning, Felix. Good morning, Nyla.
0:56.7	Felix, is this what you all in the business world call a Black Swan event? Something that perhaps
1:02.2	seems obvious in hindsight, but wasn't anticipated. Is that what the Evergiven getting stuck was?
1:08.5	100%. No one had the Suez Canal getting blocked up for a week on their list of things to worry about.
1:15.9	It happened and it was painful. It wasn't major pain. It was relatively minor pain. We all
1:20.8	get over it. The real Black Swan event was the pandemic. That was the thing that really screwed
1:26.9	up the global shipping system and from which the global shipping system has still to recover.
1:32.4	This latest mess in the Suez Canal has screwed it up even worse than it was before.
1:40.0	And so it's made it even harder to recover from, but it was broken even before the Evergiven
1:46.3	got stuck. How did the pandemic mess everything up? It changed a lot of things. It changed number one
1:52.8	who was manufacturing stuff. A lot of factories just closed down in the pandemic. It changed what
1:58.7	we were buying. We consumed many fewer services and many more goods. The big problem is no one knows
2:05.5	what's happening in the future. No one knows whether we're going to bounce back to where we were
2:09.8	before, whether we're going to go somewhere completely different. All of these different things
2:14.1	are possible. And without being able to see the future, you can't really build a global shipping
	...

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