Freight Rates Have Doubled in January! Many Shipping Companies Have Raised Freight Rates on European and Mediterranean Routes Early Next Year

Recently, a new round of Palestinian-Israeli conflict has intensified, and cargo ships have been attacked frequently in the waters near the Red Sea. Many international shipping giants have announced the suspension of Red Sea navigation or detouring around the Cape of Good Hope in Africa. Some shipping companies have also informed that they will stop picking up cargo and suspend bookings in the Red Sea area. New cabin. In the short term, the situation is unstable and shipping capacity is affected, which may further push up freight rates on the Asia-Europe route.

The turmoil in the Red Sea where the Suez Canal is located and the congestion in the Panama Canal caused by low water levels caused by the Palestinian-Israeli conflict forced container merchant ships to change their regular route deployment; Israel-related ships tried to avoid entering the Red Sea channel through the Suez Canal, while the Far East-US East route Some of the new Panamax freighters on board have switched to the Suez route to avoid the congested Panama Canal; although these measures will absorb some of the idle capacity of ships, the number of ships affected at this stage is less than 2% of the fleet, and the impact is still limited.

The impact of geopolitical conflicts has intensified, and many ships have been attacked in the Red Sea region, which is expected to catalyze an increase in container shipping and oil shipping rates. In terms of container shipping, geopolitical risks combined with peak shipments before the Spring Festival are expected to help shipping companies realize price increases; in terms of oil transportation, spot freight rates have the most significant response to emergencies, and freight rate expectations are expected to reverse. Small and medium-sized ships will directly benefit, and VLCC will indirectly benefit. Benefit; the rigidity of oil transportation supply is highlighted. If the geopolitical events last longer than expected, freight price elasticity is expected to be fully reflected.

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