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The grounded Ever Given has caused a major shipping shift, with MSC announcing 11 container-ship diversions around the Cape of Good Hope and Hapag-Lloyd moving six ships. Crude tankers and LNG carriers are also diverting, and 237 ships were waiting at anchor as of Friday.
Longer routes of 9 to 13 extra days reduce effective ship capacity and push up ocean freight and fuel costs across trades. Energy cargo rerouting also adds to tanker demand and freight pressure.
freightwaves.comGreg MillerMar 26, 2021Not enough comparable past events yet for a historical read.
After 11 past neutral logistics events, Crude Oil (WTI) moved a median +3.8% over 5 sessions (73% higher; middle half -0.4% to +6.6%), and +6.3% over 20.
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.
