News / Red Sea crisis drove shipping rates up faster than Covid, but some are falling

© Kaspars Grinvalds

The Red Sea crisis is resulting faster rate increases than the start of the Covid-19 pandemic, but the fallout will not last, as shippers become tired of opaque surcharges.  

Xeneta’s recent data shows shipping costs from the Far East to Europe spiked more than 200% in the first 52 days of the Suez crisis, outpacing the increase in rates seen during the first 52 days of the pandemic. 

Xeneta market analyst Emily Stausbøll said: “Rates have not hit anywhere near the ...