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Ocean freight rates increase After Houthi rebels attacked a Maersk ship last weekend, the carriers suspended plans to restart transits through the Red Sea to the Suez Canal, Reuters reported on Wednesday.
The attacks forced the ships to go around the southern tip of Africa, thereby increasing the cost of ships for longer voyages, although fares remain well below COVID-era levels.
The trade route is used by up to a third of the world’s container ship cargo, and rerouting ships around the Cape of Good Hope to avoid attacks is expected to cost up to $1 million extra in fuel each way -return between Asia and Asia. North Europe.
Hundreds of container ships and other ships were rerouted, adding 7 to 20 days to their journeys.
Rates from Asia to Northern Europe have more than doubled to more than $4,000 per 40 feet. container this week, with prices between Asia and the Mediterranean climbing to $5,175, according to Reuters, citing international freight booking and payment platform Freightos (CRGO).
Rates for shipments from Asia to the east coast of North America jumped 55% to $3,900 per 40 feet. Container and West Coast prices soared 63% to more than $2,700, ahead of planned cargo diversions to avoid Red Sea problems, Freightos said.
Potentially relevant stocks include ZIM Integrated Shipping (NYSE:ZIM), which ended on Wednesday +9.5% at its highest close since August, as well as Danaos (CAD), Global Vessel Rental (GSL), Matson (MATX), Navios Maritime Partners (NMM), Eagle Bulk Shipping (EGLE), International sea lanes (INSW), Star bulk carriers (SBLK), Diana Expedition (DSX), Genco Expedition (GNK), Ardmore Shipping (ASC), Safe bulk carriers (SB), Grindrod Shipping (SMILE).
