Red Sea all bookings suspended! The freight rate has increased six times! Multiple shipping companies announce price increases!

As the situation in the Red Sea continues to deteriorate, following the announcement by four major shipping giants, MSC, Maersk, CMA-CGM, and Hapag-Lloyd, that all their ships will be suspended from sailing in the Red Sea, HMM has also suspended its Red Sea routes due to an attack on a cargo ship, and Yangming Shipping has joined the suspension.

Some Asian shipowners, such as COSCO Shipping, OOCL, Evergreen, and ONE, have also announced the suspension of Red Sea booking operations/suspension of Israeli cargo.

The freight rate has increased six times! Multiple shipping companies announce price increases

Affected by the situation in the Red Sea, the freight rates for navigation from the Far East to Israel have increased sixfold compared to the first half of December.

Recently, due to the impact of the international situation, the risks of Red Sea shipping have intensified, and more shipping companies may suspend cargo and navigation in the future. More ships bypassing or suspending operations will have a significant impact on the global supply chain, greatly reducing supply chain stability and increasing navigation costs, which may once again drive up freight rates.

On December 20th, Hainan West Asia Group learned that some ships from several shipping companies have chosen to detour the Cape of Good Hope, including Mediterranean Shipping, Maersk, COSCO Shipping, OOCL, Hapag-Lloyd, CMA-CGM, ONE, HMM, Wanhai, Yangming Shipping, Nile Shipping, and APL.