News / Costs will skyrocket as westbound voyages are paused or diverted

Photo: © Igor Groshev

Asia-North Europe freight rates are predicted to soar.

This is due to the impact of some westbound voyages being paused and others being diverted around Africa to avoid increasing attacks by Yemen-based Houthi rebels on merchant shipping approaching the Suez Canal.

The escalating security crisis in the Red Sea region has led some ocean carriers to re-route ships from Asia to Europe via the Cape of Good Hope, avoiding the canal, which will add at least another 10 days to voyage times.

Moreover, ...