6 février 2024
Transport international

Red Sea Crisis Drove Shipping Rates Up Faster than COVID, But Some Are Falling

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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.

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