Driven by reduced cargo capacities following the global economic slowdown, the logistical challenges created by the Chinese New Year have shifted from burdensome to problematic.  One freight forwarder reports cargo bookings in Shanghai currently exceed capacity by a rate of nearly 3:1.  Some freight carriers, eager to recoup money  lost in difficult 2009, are refusing cargo unless surcharges as high as 40% are paid.  In some instances, containers already loaded onto vessels have even been removed in exchange for a highest bidder.

It is expected that freight carriers shipping from China will remain overbooked for at least the next several weeks.

Read more on the Chinese New Year headaches from the Journal of Commerce