Suez and Panama, not just the Houthis and the skyrocketing costs. There is a new emergency: drought
The situation of world trade the crisis is getting worse every day Red Sea due to attacks by Houthis to ships carrying goods and transiting from Suez passage, is increasingly worrying. But there is also another serious problem that concerns the Panama Canal, the second crucial hub for world trade: drought alarm. Conflicts and climate changes hinder the passage of ships and trade and consequently the container rates I'm on the rise, even +61%. Furthermore, all this has a heavy impact on energy costs. If that wasn't enough, there is also – we read in Quotidiano Nazionale – the environmental crisis of the Panama Canal, from where it passes between 3 and 5% of world tradeand that currently operates at 66% of the nominal capacity, because the drought in the region it made him reach new historical depth lows, with consequent restriction of transit. The two different crises have a direct impact on three of the “nodes” of maritime transport: Suez, Bab el Mandeb and Panama. And this can have serious repercussions on global supply chains.
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“The impact on freight rates – observes a report from the ISPI of Milan – is significant. All the merchant rates I'm at risejust when the harmful effects of the pandemic were being dissipated: in the first week of January 2024 the composite index of Drewry for containers (World Container Index) it is increased by 61%reaching $2,670 per 40-foot container (Feu), an increase of 25% compared to the same week last year and 88% higher than the average rates of 2019 (pre-pandemic)”. Freights from Shanghai to Rotterdam – continues Quotidiano Nazionale – have risen by 115% (from 1,910 dollars to 3,577 dollars per FEU), the fares from Shanghai to Genoa are increased by 114% (from 2,222 dollars, up to 4,178 dollars) and towards Los Angeles by 30% (reaching 2,726 dollars). And the forecast is not rosy, given the possible further increases in east-west spot rates in the coming weeks and the implementation of overloaded relevant to the dislocation of ships e due to increases in insurance costs.
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