Nice article by Bloomberg, following the release of our latest Container Port Performance Index (CPPI) 2023 earlier this week.
Nicolas Peltier’s Post
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Great to have been cited in this Bloomberg article with Chris Rogers looking at proposals for overland alternative routes to Red Sea transit and the impact it might have on global shipping. An excellent example of how S&P Global Market Intelligence country risk and supply chain capabilities can cut through the noise and provide clear analysis. https://lnkd.in/egBcTWuu #redsea #supplychain #shipping #houthi
Red Sea Attacks Force Firms to Test New Land Routes Via UAE, Saudi
bloomberg.com
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In the first quarter of this year, our total cargo #throughput amounted to 70.4 million tonnes, indicating a rise of +2.4% compared to the same period last year. Container traffic increased by +8.6% in tonnes and +6% in TEU. These performances underscore our port’s resilience in a complex global geopolitical and macroeconomic context. More info on 📊 https://lnkd.in/eSBV7i9z.
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Editor-in-Chief at Food Logistics and Supply & Demand Chain Executive; Co-Founder of Women in Supply Chain Forum; Content Director, IRONMARKETS
Attn #supplychain leaders. This may be one of those brace-for-impact moments I've been talking about. #Houthi attacks on the Red Sea could severely threaten the global supply chain. In fact, the unfolding events in the Red Sea, Suez Canal, and Panama Canal have prompted swift responses from major shipping companies, thereby impacting the container shipping sector, according to Container xChange. Brace for impact. #redsea #panamacanal #suezcanal #globalsupplychain #supplychaindisruptions #shipping
Houthi Attacks Create Extended Routes and Heightened Risks
foodlogistics.com
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𝐒𝐏𝐈𝐊𝐄 𝐈𝐍 𝐎𝐂𝐄𝐀𝐍 𝐅𝐑𝐄𝐈𝐆𝐇𝐓 𝐑𝐀𝐓𝐄𝐒 𝐑𝐄𝐀𝐂𝐇 𝟏𝟕𝟑.𝟖% 𝐂𝐎𝐌𝐏𝐀𝐑𝐄𝐃 𝐓𝐎 𝐋𝐀𝐒𝐓 𝟑 𝐌𝐎𝐍𝐓𝐇𝐒 Ocean freight rates are at their highest level in 16 months, according to the most recent Ocean Freight Confidence Index by Transport Intelligence (Ti). Headhaul rates stand at 153.6 index points, reflecting a 173.8% increase in monetary terms compared to the last three months. This increase is largely attributed to the challenges in major shipping routes. The attack of Houthi rebels on commercial ships in the Red Sea and the El Nino phenomenon in the Panama Canal have led to disruptions causing the price increase. However, according to Ti, it is likely to have a “possibly quite violent downward shift in rates” if these challenges are resolved. Source: https://lnkd.in/gDM8J_XN Read More: Port Calls, March 6, 2024
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The Dramatic situation on daily vessel traffic in the Red Sea Since October 2023, daily vessel traffic in the Red Sea has experienced a dramatic fall due to Houthi attacks on ships that use the Suez Canal to access the European Markets. The necessity to switch maritime traffic routes to the Cape of Good Hope has raised concerns about increasing logistics bottlenecks in the supply chain, rising prices of goods, and lengthening delivery times for supplies. The following graphic from the new OECD AIS Tracking Dashboard, which proposes a new methodology to identify ports and monitor vessel traffic around the world, makes this switch clearly visible, with a drop of approximately 50% in daily traffic in the Red Sea, a problem that appears to be far from over, while tensions in Eastern Europe escalate. Source: https://lnkd.in/dY_Jg38m #oecd #redsea #vessel
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RED SEA CRISIS. The recent wave of attacks on merchant ships in the Red Sea is causing companies to take longer routes, which could hurt the already fragile global economy. The Suez Canal, a vital passageway for container ships and fuel tankers, has been affected by these attacks, forcing shipping giants and oil companies to avoid the area. This development could hamper global trade and increase the cost of imported goods. As carriers adjust their operations, shippers are left with fewer options for quick transit times, and the Panama Canal is also facing delays due to drought. The rerouting of vessels has led to a buildup of ships around the Suez Canal, resulting in higher costs for shippers.#logistics #shippingworldwide #vessels #suezcanal
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🚨 Surge in Shipping Costs Amid Houthi Attacks 🚨 1. The maritime industry is witnessing a significant surge in shipping costs due to the ongoing Houthi attacks. Container spot shipping rates have jumped by a staggering 173% due to ship rerouting in the Red Sea. 2. Despite the presence of a U.S. coalition in the area, Suez Canal traffic has seen a 28% decline over the past 10 days. This is a clear indication of the impact of the conflict on global trade. 3. These developments underscore the urgency of resolving the conflict and ensuring the safety and security of maritime trade routes. The situation is being closely monitored by various stakeholders in the maritime industry. Stay tuned for more updates and stay safe! 🌍 Source: Bloomberg https://lnkd.in/d-dXVP35 #MaritimeSecurity #GlobalTrade #RedSea #Shipping #SupplyChain #FreightCosts #TradeDisruption #MaritimeIndustry #CENTCOM #BreakingNews #RedSeaTrade #HouthiCrisis #highlogisticsbrazil #Logistics #Freight #Brazil #SupplyChain #shipping #RedSea #supplychain #security #Houthi #BusinessSolutions #CustomsClearance #AirFreight #SeaFreight #Warehousing #transportation #sales #maersk #msc #cmacgm #cosco #asONEwecan #HapagLloyd #Evergreen #HamburgSud #YangMing #pil #zim #China #suezcanal #Business #maritimeindustry #houthis #OperationProsperityGuardian #Somalia #Piracy #shipping #ukmto #lloydslist #maritimeinsurance
Spot Container Shipping Rates Soar 173% on Red Sea Threats
bloomberg.com
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We are calculating that 80% of the costs of the Red Sea crisis regard neither shipping (deviations) nor ports; rather, they concern the inventory (holding) costs of traders, i.e., the users of transport and port services. Our preliminary estimates put the total cost of the disruption to global trade at the neighborhood of $200bil/year (watch out for forthcoming MEL Editorial with Theo Notteboom and Kevin Cullinane).
Europe’s ports express their concern about the impacts of the escalating conflict in the Red Sea
espo.be
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Why is the CFR/CIF price increasing more in the EU, US, Canada, and Middle East, and when does the situation stop? Most vessels change route from via Suez into via the Cape of Good Hope Route via Cape of Good Hope is nearly 1.39 times longer than via Suez Canal. Many vessels cut the space or anchor and wait until it is safe to pass to reduce risk. => FREIGHT IS INCREASING MORE, at least 2-3 times than as usual When does it stop? As expected, rates may return to normal until April or May, when Panama reopens and the Houthi situation in the Suez Canal is better. However, we cannot be sure of this because the situation in these canals is still not stable. In new year 2024 start with hope that the Israel-Hamas conflict will stop with a ceasefire agreement and peace negotiations. Though predicting these geopolitical developments remains challenging, and monitoring the situation closely is crucial for businesses and industries affected by international trade, we look forward that A true peace for the Middle East can stop the risk of disruption of the global supply chain again.
80% of all container ships on Suez route divert to Cape of Good Hope - Container News
https://container-news.com
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As per Reuters CMA CGM, is set to increase container shipping rates from Asia to the Mediterranean by up to 100% starting January 15, as reported by Reuters. The Freight All Kinds (FAK) rate for a 40-foot container will rise to $6,000 from $3,000 on Jan. 1. Similar hikes apply to routes serving the East Mediterranean, Adriatic, Black Sea, and Syria. The move follows recent attacks in the Red Sea, impacting shipping stocks. As global shipping dynamics shift, companies are reassessing routes, with Denmark's Maersk contemplating Suez Canal use after a recent incident.
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