Shipping companies sailing around the Cape of Good Hope to avoid Houthi attacks on the Red Sea face tough choices over where to refuel and restock, as African ports struggle with red tape, congestion and poor facilities, companies and analysts say. Hundreds of large vessels are rerouting around the southern tip of Africa, a longer …
Ships rerouted by Red Sea crisis face overwhelmed African ports Read More »
In the fourth quarter, the Israel-Hamas conflict led to increased geopolitical tensions, especially within the oil sector, reshaping dynamics within the industry. After the end of September, freight rates firmed in October, influenced notably by Russia. Based on a Bloomberg study, Russia successfully sold a significant volume of crude oil exports surpassing the $60/barrel price …
Re-routing ships around Africa and away from the Suez Canal following attacks on commercial vessels in the Red Sea adds costs for shipping companies, Fitch Ratings says, but these are likely to be more than offset by rising freight rates if disruptions continue for more than a few days. Container shipping is likely to see …
Higher Shipping Freight Rates to Offset Costs of Re-Routing from Suez Read More »
The crisis in the Red Sea region has sent the cost of ocean freight shipping spiralling as the market continues to react to vessels being forced to avoid the Suez Canal. Analysts at Xeneta, the leading ocean and air freight rate benchmarking and intelligence platform, predicted rates could increase by 100% following Houthi militia missile …
The Baltic Exchange’s dry bulk sea freight index edged up on Friday but declined for the third consecutive week as rates across vessel segments lingered near multi-week lows. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 7 points, or 0.3%, at 2,094. The index fell 10.8% on …
Baltic index falls for third week on weaker rates across segments Read More »
Several shipping companies and a few liquefied (LNG) tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea. The attacks raised the spectre of another bout of disruption to international commerce following the upheaval of the …
How could Red Sea attacks affect oil and gas shipping? Read More »
LNG freight rates out of the US Gulf Coast have fallen to their lowest levels since August as a lack of demand as well as an increasing number of vessels in the spot market cushion prices. Platts, part of S&P Global Commodity Insights, assessed the USGC LNG freight rate to Northwest Europe and Japan/Korea at …
US Gulf Coast LNG freight rates sink to multi-month lows Read More »
Denmark’s Maersk MAERSKb.CO will impose extra charges on container transport from Asia following its decision to re-route ships away from the Suez Canal and take the longer journey around Africa, the company said late on Thursday. Maersk, one of the world’s largest shipping companies, said on Tuesday that its vessels would avoid the southern Red …
Maersk imposes container surcharge due to diversion from Red Sea Read More »
Global retailers selling apparel, household staples and white goods face bigger risks from disruptions in freight movement through the key Suez Canal trade route as Iran-backed Yemeni militants attack ships sailing through the lower Red Sea. Some shipping companies are already considering longer voyages, including around the Horn of Africa, due to the attacks by …
Global retailers, goods facing disruption risks from Red Sea attacks Read More »
Drewry’s World Container Index increased by 9% to $1,661 per 40ft container this week. Our detailed assessment for Thursday, 21 December 2023 The composite index increased by 9% to $1,661 per 40ft container this week and has dropped by 22% when compared with the same week last year. The latest Drewry WCI composite index of …
