20th December 2023
The recent attacks on shipping in the Red Sea have significantly impacted global maritime trade, particularly affecting routes through the Red Sea and the Suez Canal. These developments have led to some major changes in the operations of shipping lines and decisions regarding freight movement.
One of the most notable consequences of these attacks is the decision by several major shipping companies to reroute their vessels around Africa. This decision, while enhancing the safety of the vessels and their cargo, adds significant time to the voyages by at least a week and is expected to increase freight rates due to the longer voyages. The Suez Canal Authority in Egypt is closely monitoring these tensions, given the canal's critical role in global trade.
If you are concerned at all or have any questions please contact our teams for assistance.
