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Russell Group estimates that disruption to the Red Sea and Panama Canal has caused an economic loss of $1.25 trillion. Its analysis of Red Sea trade from October 2023 to May 2024 found crude oil, plastics, electronics, cars and clothing were most affected.
The estimate underlines how prolonged route disruption adds cost and delay across global trade, reinforcing the upward pressure on ocean freight rates for bulk commodities.
porttechnology.orgMargherita BrunoSep 12, 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.
