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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FREIGHT
Freight rates for key flows via the Red Sea have surged as attacks persist but remain unaffected on a global scale according to Vortexa.
- Transit numbers over the last 10 days are about 15% lower than on average in 2023 but overall the majority of vessels are still passing through the Red Sea. A greater impact has been seen for LNG and LPG tankers after high transit figures due to Panama Canal restrictions in the months before the Red Sea attacks.
- Diversions are constrained to US/EU/Israel-linked entities and the companies that announced suspension of transit through the region. At least 18 shipping companies have decided to avoid the Red Sea with the greatest impact on containerships with freight rates to 12-month highs after tripling over the last month.
- A total of 19 vessels heading Southbound (West to East) have diverted via the Cape of Good Hope since H2 Dec carrying 290kt of CPP and 860kt of Crude/DPP while 13 vessels going Northbound (East to West) carrying 560kt of CPP and 90kt of Crude/DPP have diverted.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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