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Costco chartering ships to transport goods amid global supply-chain troubles
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Costco is chartering its own container ships to transport goods between Asia and North America amid ongoing global supply chain issues.
In a recent call with analysts, Costco CFO Richard Galanti said the company has "chartered three ocean vessels for the next year" which will carry "several thousand containers."
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COSTCO WHOLESALE CORP.
Each one will carry about 800 to 1,000 containers at one time, according to Galanti. The company plans to make approximately 10 deliveries throughout the year.
Currently, Costo, like most retailers, is dealing with a backlogged global supply chain.
Tens of thousands of containers are jammed up at two West Coast ports, in Los Angeles and Long Beach, California, which are responsible for moving more than a quarter of all U.S. imports, according to The Wall Street Journal.