Red Sea crisis is increasing the distance and time of global sea transport

Quick Summary:

The Drewry World Container Index rose by 2 per cent to $4,801 per 40 ft container in May, a 202 per cent increase from the previous year.

This has caused average seaborne trade hauls to increase by 2.8 per cent this year, compared to 1.8 per cent last year.

Since November, Houthi militias in Yemen have repeatedly attacked cargo ships in the Red Sea, making the vital marine route connecting Asia with Europe through the Suez Canal unsafe.

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Article Details

Category: BusinessFinance

Markets: IndiaChinaUkraineYemen

Topics: Israel-Hamas war Maersk shipping containers US Army Middle East Israel-Palestine Shipping industry Red sea crisis Red sea crisis Water transportation Red sea news Israel-Hamas conflict Red sea

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-02 @ 13:10:53 (4 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 650 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 25 words per sentence (average)

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

Copyright Owner: © Business Standard

News ID: 21456525

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 101 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 9 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

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News Language: English

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Publisher ID: #49

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