The redirection of ships around the Cape of Good Hope will not have lasting repercussions on the hold capacity offered by shipping companies. Sea Intelligence certifies it in its latest report.
According to the consultancy firm, the substantial blockade of the Red Sea caused by the maritime raids linked to the war between Hamas and Israel will have a significant impact on the offer only until the Chinese New Year. To date, the circumnavigation of Africa has led to a decrease of 20% of the services offered along the east-west routes, a natural consequence of the impasse situation generated by the conflict in the Middle East and the need, for carriers, not to transit from the Suez Canal.
Sea Int. points out that the surge in freight rates recorded, for example, on freight rates between Asia and Europe is only partly attributable to the general tension that reigns in the Red Sea Region but that the new imbalances between supply and demand are also originated by the wave of blank sailing programmed from the companies of navigation in the period comprised between the Week of gold (which was celebrated in October) and the Lunar New Year (which will be celebrated from February 10). In this period the market is usually weak and the carriers are used to reduce in meaningful way the ability to hold in order to look for an alignment with the question.
the cost of transporting a container from Asia to Europe, on the spot market, has increased up to 115% in a week, due to the substantial blockade of the Red Sea and the general tension that reigns in the region due to attacks on ships by the Houthi rebels.
SOURCE: PORT NEWS 9/1/2024