Maritime Freight Rates React to Red Sea Crisis

Industry Observes Tensions Between Iran and Israel, Anticipates Rate Fluctuations

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International maritime freight rates appear to be on the edge, closely monitoring the unfolding crisis in the Red Sea, particularly amidst escalating tensions between Iran and Israel.

Industry stakeholders speculate that should the situation persist into the third quarter of this fiscal year, freight rates could experience a substantial surge in anticipation of the peak season.

Furthermore, on the demand front, prospects seem to exhibit modest improvement in Europe and more prominently in North America.

Conversely, should the military crisis prolong, its impact could be acutely felt, particularly in the Arabian Peninsula countries and consequently in India, which boasts ports integral to the rotations connecting the Asian continent with the Middle East.

Against this backdrop, the latest analysis from Freightos suggests that rates for services from Asia to the West Coast of the United States have remained unchanged in the past week. Conversely, rates for shipments from Asia to the East Coast of North America have decreased by 1%.

Simultaneously, freight rates for routes from Asia to Northern Europe have surged by 7% weekly, while prices for routes between Asia and the Mediterranean have also seen a 3% increase over the week.

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