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.
Red Sea sparks 16% increase in TEU miles
Posted on February 26, 2024 |
Sea-Intelligence's standard demand estimation technique calculated 860 billion worldwide TEU Miles for 2023.
In 2024, maintaining the same global cargo volume but diverting around The Cape of Good Hope would necessitate 994 billion TEU Miles, representing a 16% increase.
The trade route between the Far East and North America experiences the least overall damage due to volume-weighted impact assessment.
Distances from the Far East to the US West Coast and the US East Coast via Panama remain unaffected by the diversion.
The 16% rise in global TEU Miles corresponds to an equivalent increase in capacity demand.