Loading…
Ocean Network Express CEO Jeremy Nixon said shipping lines will likely keep avoiding the Red Sea and routing via the Cape of Good Hope well into 2025. Rerouting adds about two weeks to voyages and has raised freight and insurance costs, with war risk premiums of 0.5% to 1.0% of hull value.
Extended expectations for Cape routings keep freight and insurance costs elevated through 2025, supporting higher landed costs for imported feed ingredients.
spglobal.comRong wei Neo, Aaron TaySep 25, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
