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Thursday, 18/01/2024, 15:39 (GMT +7)
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Red Sea Crisis: Second Largest Capacity Drop Since the Ever Given Grounding
According to Sea-Intelligence, the Red Sea crisis has caused a significant capacity drop, second only to the Ever Given grounding incident, even surpassing the initial impact of the Covid-19 pandemic.
A container vessel at Suez Canal (Image: Istock)
Sea-Intelligence reports that the Red Sea crisis has been ongoing for a month, and the current maritime service network is clearly in flux. There's a lot of uncertainty, especially concerning routes from Asia to Europe.
Danish analysts note: "Using our Trade Capacity Outlook report, we can compare the current changes to normal fluctuations as well as to market disruptions over the past few years."
According to Sea-Intelligence's analysis, the red circles all mark the Chinese New Year/Golden Week when capacity decreases to compensate for the demand shortfall due to these holidays, and thus, are seen as normal market behavior.
The two phases of the pandemic are marked with green arrows – the first phase affecting only Chinese ports and the second phase when it spread globally.
Alan Murphy, CEO of Sea-Intelligence, comments: "We have marked the 'Ever Given' event, and this is clearly seen to have the largest single impact. It should be noted, though, that part of this ended up overlapping with capacity changes related to Chinese New Year that year. Finally, we can very clearly see the Red Sea crisis. With the 'Ever Given' as the only exception, this is the largest single event – even larger than the early pandemic impact."
Read more:
- Decline in Suez Canal Revenue Could Impact Egypt's Economy
- Red Sea-Suez Crisis: Shipping Rates from Asia to Northern Europe and Mediterranean Quadruple
Source: Phaata.com (According to Sea-Intelligence)
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