Houthi attacks turn back the clock for shipping in 2024 as costs pile up

Quick Summary:

Cost of shipping a container from Asia to Northern Europe has surged 270 per cent in 2024.

Large container ships can pay as much as US$1 million to go through the Suez Canal, according to industry executives.

To get from Asia to Europe and back, global shipping companies have for decades sailed through the Red Sea and the Suez Canal.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaEgyptGreeceIsraelLebanonSpainYemen

Topics: Suez Attacks Piraeus Canal Ships Shipping Importers Companies Houthi Year Container

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-17 @ 09:10:00 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1059 words

Reading Time: 6 minutes read

Sentences: 39 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 24480964

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Main Topics: EconomyBusiness

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