Floods leave Canada grain stranded in 'disastrous' supply chaos
BNN Bloomberg
Mountains of wheat and canola are stranded in Canada after storms blocked access to the Port of Vancouver during peak shipping season.
Mountains of wheat and canola are stranded in Canada after storms blocked access to the Port of Vancouver during peak shipping season.
There’s no rail access to Canada’a biggest port after days of torrential rain and landslides. About 20 vessels are waiting for deliveries, while a couple hundred thousand tons of grain are stuck in transit, according to Quorum, a company that monitors Canada’s grain transportation system.
It’s so bad that some exporters may even be forced to declare force majeure to avoid penalties as they won’t be able to make deliveries on time, said Wade Sobkowich, executive director of the Western Grain Elevator Association.
Force majeure is a contractual clause that allows deliveries to be suspended due to factors beyond a company’s control, such as natural disasters.
Federal government officials said they’re working with industries to restore supply chains for essential goods and have met with representatives of railways, the trucking industry and the Vancouver port.
“We are examining all options, including down south,” Transport Minister Omar Alghabra said about transportation options.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.