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☆ Insurers shun many ships carrying goods through the Red Sea as attacks continue
▼ + stars: | 2024-01-17 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The crisis in the Red Sea threatens to damage the economy by increasing prices on consumers and delaying the shipment of goods. A Houthi official vowed on Wednesday that attacks on “Israeli-linked” vessels in the Red Sea as well as the Arabian Sea will continue. Ikea also does not foresee any product shortages from the Red Sea problems. “Shippers are now much better at using alternative ways of moving their goods around the world,” Zandi said. “We have not seen the situation in the Red Sea translate into material movements in prices in the US such as consumer goods and gasoline prices,” Schwartz said.

Persons: ”, Marcus Baker, Marsh McLennan, Baker, Vicent Clerc, ” Clerc, CNN’s Richard Quest, Mark Zandi, Zandi, Kristalina Georgieva, Quest, ” Zandi, Stephen Schwartz, ” Schwartz Organizations: CNN, US, US Central Command, Maersk, International Monetary Fund, Oxford University . Shipping, P, Moody’s, Global, IMF, Economic, Wednesday, Ikea, Wells, Wells Fargo Global Receivables, Trade Finance Locations: Israel, Marsh, Suez, Africa, China, Davos, Switzerland, “, Asia, Europe, Germany, Wells Fargo, Iran

☆ Fears of prolonged Red Sea shipping crisis fuel inflation fears, as oil, retail cargo delays rise
▼ + stars: | 2024-01-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

"If so, we expect the soaring freight rates and equipment shortage will continue till the third quarter," it advised clients. This would be on top of the revenue lost by diverted container vessels which are required to pay between $500,000-$600,000 per transit. "However, given the longer transit times vessels are experiencing, the market may face a shortage of empties across Asia until sailings normalize." Evelyn Fornes, Home Depot spokeswoman, said it is working with logistics carriers to find alternate routes to limit any impact from the Red Sea conflict. East Coast freight rates soar While freight rates for U.S. West Coast ports have yet to spike, freight rates for the East Coast and Gulf are up.

Persons: Folden, Shell, Jean, Charles Gordon, Nyttingnes, Torm, Euronav, Tom, Hafnia, Andy Lipow, Kuehn, Nagel, Ami Daniel, Goetz Alebrand, Stephen Schwarz, Paolo Montrone, Kuehn + Nagel, Alan Baer, Baer, Evelyn Fornes, Fornes, Lane Organizations: Galaxy, Houthis Media, Getty Images, Anadolu, Getty, U.S, Clarksons Securities, Honour Lane Shipping, Wall Street, Shell, Suez, Authority, Lipow Oil Associates, Logistics, CNBC, DHL Global, Asia Pacific, Kuehn, USA, Home, Costco, Walmart, Home Depot, Volvo, Michelin, Ikea, East, U.S . Locations: Iran, Yemen, Anadolu, Hafnia, Ardmore, Suez, Israel, Americas, Asia, Europe, Wells Fargo, Red, U.S, East Coast, U.S . West Coast, Gulf, East, West, West Coast

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