The Red Sea crisis dragged down; shipping costs soared 40%, and the Malaysian port container was congested
The Red Sea crisis began to affect the Asian shipping market. Not only did it cause port terminals to be congested, but shipping rates also increased by nearly 30-40% last month; it is reported that following the “explosion” of the Singapore port, Klang Port in Xuzhou, Malaysia, and Tanjung Pelabas Port in Johor have also recently faced congestion!
According to information, the tense situation in the Red Sea continues to this day, and it has seriously disrupted trade to and from the Suez Canal waterway. In addition to causing shipping premiums in the Middle East region to rise, it has also caused shipping costs to Europe, the US, and the Atlantic Ocean to be drastically raised by nearly 40 to 50%.
On the Malaysian side, it is reported that local customs brokers have successively issued notices to increase shipping charges starting on the 1st of this month.
According to a source in the shipping industry revealed to “Nanyang Commercial Daily”, the Red Sea crisis has also led to an increase in ship rents, and now shipping costs in China, South Korea, Japan and other regions have increased by nearly 30% to 40%.
“As more and more shipping companies choose to bypass Cape of Good Hope at the southernmost tip of Africa, shipping times were delayed by about 14 days, which ultimately disrupted shipping schedules to Asian ports. The detour lengthens the operating time of ships at sea, and invisibly affects container turnover, causing the market to face insufficient supply of empty containers.”
Furthermore, it is reported that Chinese shipping companies are fearing a shortage of empty containers, causing a rush to buy, and the market expects the “free charge” era of containers for 6 to 7 months to come to an end.
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