The Red Sea container traffic has seen a significant decline, with the IMF reporting a 30% decrease in commercial transportation. This has led to a peaking of global container freight rates, as evidenced by the Drewry composite index trading down 3.5% to $3824 per 40ft box. The Suez Canal is almost empty of commercial ships, a rare occurrence, reflecting the sharp decline in trade volume. The situation has wider impacts, with experts from BRiley Financial and AWS Cloud weighing in on the implications. Companies such as ZIM, HLAG, and MAERSK are also affected, with container freight rates peaking prior to the Chinese New Year.
Egypt: The Suez Canal is almost completely empty of commercial ships, apparently this is the first time to see the Suez Canal in this way . The International Monetary Fund says that commercial transportation in the Red Sea has decreased by 37 percent compared to the same period…
Egypt sees sharp decline in Suez Canal trade volume amid Red Sea turmoil, @JackvDutton reports https://t.co/u95LSj7EBQ
Container freight updates: - Drewry index update today showed a 3.5% w/w decline. - FBX down 4% today to 3288. Container freight rates peak prior to Chinese New Year. $ZIM $HLAG $MAERSK
Global #container #freight rates seem to be peaking as the initial disruption caused by the Red Sea crisis starts to fade as availability rise and custormers adapt. The Drewry composite index trades down 3.5% to $3824 pr 40ft box, driven by weakness on the major China to EU… https://t.co/mVu3KBxDWa
Global #container #freight rates seem to be peaking as the initial disruption caused by the Red Sea crisis starts to fade as availability rise and custormers adapt. The Drewry composite index trades down 3.5% to $3824 pr 40ft box, driven by weakness seen on the major China to EU… https://t.co/mcQ8HSZbbJ
Red Sea container traffic down almost 30%, says @IMFNews. Experts Liam Burke of @BRileyFinancial & @dpantojanavajas of @awscloud weigh the wider impact - my story for @MarketWatch #RedSea #IMF #AWS https://t.co/kTPYonh290