There is no end in sight to the global supply chain crisis wreaking havoc on Victoria's agricultural exports, as the world's largest shipping companies report extraordinary profits.
A sharp increase in demand following the initial shock of Covid-19 has led to surging container freight rates, while labour shortages at some ports has meant long delays in unloading cargo.
During Victorian Farmers Federation's global supply chain update webinar, Container Transport Alliance Australia director, Neil Chambers, told the 250 attendees that the exponential freight rate rise had led to stunning profits of three of the largest shipping enterprises this year.
"To say they're making money is an understatement," Mr Chambers said.
Danish ocean freight giant, Maersk, has earned more this year than the past seven years combined, Mr Chambers said, with operating income of US$26.6 billion, and a net profit of US$6.5 billion, this year.
French carrier CMA CGM, has had a 29-fold increase over the same period last year with an operating income of $22.48b, and a net profit of $US5.55b, this year.
On their toes is China's COSCO group who enjoyed profits 32 times higher than the same period last year at US$21.54b, and a net profit of $US5.74.
"Profit margins have been topsy-turvy for years, and then they got smart and started a consolidation process with merges and acquisitions," Mr Chambers said.
"In 2019, the top 10 companies controlled the capacity and have figured out that if they keep capacity tight, they keep freight rates high.
"All of a sudden we have a COVID pandemic and ... as a result their profit margins have gone through the roof."
While the price of freight has skyrocketed, it is the lack of availability on ships that is causing the most distress for Victorian exporters as two companies, OOCL and COSCO, suspend bookings for Indian ports out of the Port of Melbourne until January, reportedly due to congestion in Singapore.
With a giant ship stuck in the Suez canal, record-breaking shipping rates, onslaught of vessels waiting outside ports, covid-induced shutdowns, Mr Chambers said container shipping had rarely been as dramatic as it has in 2021.
"The Australian and NZ trade has risen by at least 200-250 per cent," Mr Chambers said.
"The high freight rates will continue in all of 2022 and into 2023, then they will come off the boil but (not) back to pre-pandemic levels."