Red Sea crisis: Impacts on operations, rates, and seasonal demand in 2024

The Red Sea crisis, which erupted in late 2023, profoundly affected the global shipping industry throughout 2024, impacting transit times, container rates, and seasonal demand dynamics. The need to reroute routes through the Cape of Good Hope resulted in additional travel times of 1-2 weeks for connections between Asia, Europe, and the Mediterranean. These detour […]