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Supply chain bottlenecks giving Napa Valley something to 'wine' about
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Shipping, supply chain delays ‘tremendous hit’ to wine industry: Portocork CEO
Portocork CEO Dustin Mowe discusses rising shipping and supply costs impacting wine country with FOX Business’ Kelly O’Grady.
Ongoing supply chain and shipping delays are giving Napa Valley business leaders something to "wine" about, as a cork shortage and rising costs bottleneck the industry.
Portocork, one of the world’s largest wine cork harvesting and processing companies, has 138 million corks stranded at sea on shipping containers, according to its CEO.
But the most "tremendous" pressure reportedly comes from rising shipping rates, with the cost of transferring a single container from Portugal to Oakland, California, going from $2,500 to $14,000.
"Biggest challenge basically we're faced with is just the shipping line," Dustin Mowe told FOX Business’ Kelly O’Grady, "and then a tremendous amount of pressure being able to tell customers, ‘Sorry, we can't deliver for another month or several weeks.’"
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Mowe noted that without the capacity to provide wineries with their cork inventory, it could impact national supply.