RED SEA UPDATE #3: NEW CHALLENGES EMERGE IN THE WAKE OF SUEZ CANAL RE-ROUTINGS

Overall, the situation is unchanged in the sense that container carriers continue to re-route vessels utilising the extended route around the Cape of Good Hope.

While a military coalition has been formed, it currently remains unclear as to when this will have an effect, allowing vessels to pass through the Red Sea safely.

In terms of freight rate development, it is no surprise the current events have had an immediate impact.

The SCFI index, as of today, Friday 22 December 2023, registered a massive increase on Asia to Europe base ports of almost USD 1.000 per 40´, settling at USD 2.994/40´ vs. USD 2058 just one week ago.

The situation remains fluid, and our teams are naturally working tirelessly to keep any impact on your business at a minimum.

We will continue to keep you updated as the situation develops further.

The above is only a highlight; read our in-depth view of the current situation.