Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
Asian freight rates grew by 53% amid Red Sea crisis

Asian freight rates grew by 53% amid Red Sea crisis

Posted on January 2, 2024   |  

Freight rates from Asia have surged by 53% in just one month, affected by the chosen route and disruptions caused by major players like container shipping giants and British Petroleum suspending transit through the Red Sea-Suez Canal route following recent attacks.

The disruption holds significance as the Bab-el-Mandeb Strait, a vital link connecting the Mediterranean Sea to the Arabian Sea through the Red Sea and the Suez Canal, plays a crucial role in 30% of global container traffic. India, especially, relies on this route for trade with West Asia, Africa, and Europe.

In response to the attacks, some insurers have introduced a $5,200 war risk surcharge on top of regular freight charges, signaling increased challenges and costs for shipping through the affected region.



Previous Next