Global ocean freight market faces high costs, Red Sea conflict disruptions

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Global ocean freight market faces high costs, Red Sea conflict disruptions - Business Standard

Quick Summary:

Meanwhile, a weekly Peak Season Surcharge (PSS) has been introduced on all Asia outbound trades, and there has been a significant increase in secondary trades like intra-Asia.

In its latest report, the International Monetary Fund (IMF) indicated a modest global GDP outlook amid ongoing economic uncertainties.

The detour around Africa has increased both shipping costs and delivery times, exacerbating the challenges faced by global trade, which is still recovering from the pandemic, the Russia-Ukraine war, and a global economic slowdown.