Due to the ongoing situation in the Red Sea and recent attacks on cargo ships, carriers are rerouting vessels to avoid the region, leading to potential global trade disruptions and delays in transit times. The Red Sea shipping lane, constituting between 12% & 15% of global trade, faces rerouting by 18 shipping companies around South Africa, adding 10 days to travel, increasing freight rates, and impacting trade. Emergency surcharges on various routes have been implemented, potentially affecting rates with minimal notice. Safety measures, prompted by attacks in late December 2023, aim to protect crews and cargo. We'll provide updates on this rapidly evolving situation.
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