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South Korea Anticipates Prolonged Shipping Uncertainty

FREIGHT

South Korea is anticipating prolonged uncertainties in the shipping industry due to the Red Sea risks according to Bloomberg.

  • Direct impact on trade has so far been limited but South Korea has been experiencing shipping delays and rising freight costs according to the Ministry of Trade, Industry and Energy.
  • The government will expand financial aid to offer support and to minimize risk to its trade.
  • Houthi attacks on vessels transiting the Red Sea continue as the US military carried out more strikes in Yemen yesterday to intercept attacks on two container ships. Vortexa said on Jan 22 that dirty tanker transits were down 25% while product transits were down 50%.
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