Ocean Freight Rates Surged Following Red Sea Attacks

After the attack on the Red Sea ships, Maersk and Hapag-Lloyd announced the suspension of the Red Sea route, and the latest MSC and CMA CGM also announced that their ships would suspend the passage of their ships through the Bab el-Mandeb Strait/Red Sea. This also means that the four top European container shipping companies have all suspended services on routes that need to pass through the Red Sea. The turnover efficiency of ships around the voyage is estimated to be reduced by 19%. This incident has led to a drastic jump in freight rates.