Reported 11 months ago
Despite ongoing maritime challenges, these issues have not yet captured the attention of consumers. Problems such as seafarers being taken hostage, vessel attacks, and sinking ships have become background noise in the news, with consumers unaware unless they actively follow trade news. Recent data has shown a significant drop in revenues, vessel crossings, and cargo volume passing through the Suez Canal, leading to economic ramifications for Egypt. Companies are facing congestion and rising freight rates due to the Red Sea diversions, while experts warn that inflation in ocean freight rates may continue until early 2025, potentially reaching peaks of $20,000 to $30,000.
Source: YAHOO