HOUSTON(ICIS)--The 2024 shipping outlook seems dire amid a drought in Central America that has lowered the number of ships allowed to pass through the Panama Canal and rebel attacks in the Red Sea that have led most carriers to divert away from the Suez Canal.Add to that the possibility ...
BCC trade policy head William Bain said: “This research gives us immediate insight into the impact of Red Sea disruption on UK businesses. “There has been spare capacity in the shipping freight industry to respond to the difficulties, which has bought us some time. And recent Office for Nat...
The Houthi militant group (which is based in Yemen and supported by Iran) is continuing to attack commercial vessels transiting the Red Sea, an important approach to the Suez Canal that handles a significant share of global seaborne trade. In response, some international shipping companies are sus...
The ongoing conflict in the Red Sea has absorbed all additional capacity that was introduced to the market due to the longer detour around Africa. In fact, the net capacity is currently negative due to ongoing delays, congestion, route changes, and other related issues. The extended ...
The Lasting Impact of the Red Sea Diversions on Shipping Costs Trine Nielsen, Senior Director, Head of Ocean, EMEA May 2, 2024 The world of global trade experienced a seismic shift in December 2023 due to the unexpected Red Sea diversions. Originally triggered by sudden capacity reductions, exa...
Analysts predict that this trend will continue into early 2024 despite recent difficulties like payment barriers, logistical problems and shipping issues that have caused a pause in Russian flows. While the Red Sea attacks have raised worries about diversions and higher shipping expenses, Russian crude...
BEIRUT, Jan. 17 (Xinhua) -- A new crisis is looming over Lebanon's already-battered economy, as the disruption to maritime transport in the Red Sea is expected to continue, local experts have said. Withing climbing shipping costs and cargo backlog, Lebanese merchants have felt the impact of...
Meanwhile, there are other issues involved with shipping routes that may be used as alternatives to passage in the Red Sea. Transits via the Cape of Good Hope in South Africa adds “at least 10 days and over 15% to shipping costs,” said Chris Rogers, head of supply chain research, glob...
US, UK And Israeli Firms Face 50% Rise In Red Sea Ship Insurance Rates. Two insurance industry sources mentioned that vessels with the US, the UK, or Israel links would be quoted a higher rate, even above 50%. Almost all the ships that have had issues so far have some elements of Is...
Pushpank Kaushik, CEO of Singapore-based NVO and ship agent Jassper Shipping, toldThe Loadstarthat the Red Sea crisis was posing widespread marine liability insurance issues for the industry. “The situation is very unstable and it’s hard to estimate premiums,” he said.“This cost escalation...