That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers.
Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021.
Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container.
The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023.
Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.
Persons:
Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade
Organizations:
London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters
Locations:
Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada