Name: Costco is Renting Container Ships & Thousands of Containers to Shield Itself From Delays & Costs
Uploaded: 2021-10-04T16:00:11+00:00
Duration: 21 min 8 s
Description: Costco has joined Home Depot in renting its own container ships to prevent delays and keep costs down as the global shipping crisis rages on. In a call with analysts Thursday, Costco CFO Richard Galan

4 years ago

Costco has joined Home Depot in renting its own container ships to prevent delays and keep costs down as the global shipping crisis rages on.

In a call with analysts Thursday, Costco CFO Richard Galanti said the company had chartered three ships to import products from Asia to the US and Canada. This would help Costco avoid spending six times the normal price on shipping or containers through a third party, he said.

Each ship could carry between 800 and 1,000 containers at a time, he said. The company had also leased "several thousand containers for use on these ships," he said.

Costco expected to make about 10 deliveries over the next year using these ships, accounting for about 20% of its imports from Asia, he said.

Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.

https://sports.yahoo.com/costco-renting-3-container-ships-100115623.html

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