Stormy Start to the New Year

Global shipping remains in flux following the holidays.

Nearly all carriers have diverted their fleets around the Cape of Good Hope rather than risk transit via the Red Sea.

Longer voyages have inevitably led to higher costs.  

Transshipment schedules are in flux. 

The container fleet balance is faltering.  

Costs are rising.

Carriers are instituting General Rate Increases along with Emergency Surcharges as quickly as regulators allow.

Rates on the route most affected (Asia to Europe) are up 176% 

Rates from Asia to the US are now up 66% and climbing.

The fallout from the Red Sea diversion is affecting all trades.

Expect schedule disruption and increasing costs.

We will keep you posted as 2024 is off to a tumultuous start.