The Red Sea crisis is resulting in faster rate increases than the start of the COVID-19 pandemic.
Xeneta’s recent data shows shipping costs from the Far East to Europe spiked more than 200% in the first 52 days of the Suez crisis, outpacing the increase in rates seen during the first 52 days of the pandemic.
Xeneta market analyst Emily Stausbøll said: “Rates have not hit anywhere near the levels we saw during COVID-19, but the sudden nature of the Red Sea crisis has seen a more rapid increase in rates, which is arguably creating even more disruption than during the early months of the pandemic.”
Xeneta warned: “Shippers are becoming increasingly impatient and suspicious of carriers seeking to keep rates elevated for as long as possible.”
Read more in an article from The Loadstar.