Global trade is facing imbalances as freight costs rise, primarily because shipping routes are being altered in response to Red Sea diversions. These alterations in shipping routes extend transit times. “At present, ports like Port of Singapore and Port of Colombo are highly congested. All my imports and exports in Singapore and Colombo used to take 4 to 5 days. Now they are taking 15 to 20 days,” says Venkateswara Rao, chief logistics officer
Business News›Prime›Economy›Shippers stare at red on their books, even as they move from Suez to Cape of Good Hope
Trade
Shippers stare at red on their books, even as they move from Suez to Cape of Good Hope
Synopsis
Red Sea diversions are now having a cascading effect, with rising port congestion and fear of container shortages across major trading routes. This, along with strong demand from the US and European markets ahead of the peak season, is causing container freight rates to rise sharply.
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