Maritime industry – Rapidly rising transportation costs put pressure on export demand recovery
- The Suez Canal plays a crucial role in the global supply chain, with 21% number call of container and 30% of global cargo passing through the area, according to Clarkson.
- Container freight rates on routes from Shanghai to Europe and the US have risen for three consecutive weeks, experiencing a sharp surge last week to offset higher fuel costs, prolonged shipping distances, labor costs and war risk insurance.
- The recovery in trade demand continues to face challenges as the potential of sustained high shipping rates could prolong the struggle against inflation in the US and the EU.
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