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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.
FREIGHT
Platts westbound Asia-Europe cargo container rates surged 425% within two months as diversions from two major global shipping routes bolstered European container freight rates to highs not seen since the coronavirus pandemic according to S&P Commodity Insights.
- Houthi attacks in the Red Sea prompted most container liners to divert away from the Red Sea and go around the Cape of Good Hope instead, while passage through the Panama Canal remains restricted amid low waters.
- If the issues continue, container shipping into Europe and the US will continue to see increased voyage transit times, additional fuel costs and larger overheads. Market sources expect container rates will soften slightly after the Lunar New Year.
- Several shipping companies have instructed its vessels to avoid the Red Sea region and to divert cargoes via the Cape of Good Hope, if possible.
- Two other Japanese shipping firms, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha, also decided on Tuesday to suspend all Red Sea shipping according to Reuters.
- Maersk has sent two container ships through the Red Sea carrying goods for the US military and government, LSEG ship tracking showed. Maersk previously instructed most of its vessels to avoid the Red Sea region.
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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