US Economy Expected to Rescue Container Shipping in 2024
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In 2024, analysts believe that the strong US economy can rescue container shipping. Freight rates from Asia to the US are bouncing back after a steep fall over the past six weeks. This is happening despite the waning impact of the Red Sea crisis and the increasing number of vessel transits through the Panama Canal .
The disruptions in the Red Sea caused by attacks on ships have led to longer shipping times and increased costs. Container shipping costs along many trade routes have doubled or tripled since mid-December. The closure of the Red Sea and Suez Canal for commercial shipping has resulted in rerouting cargo around the Cape of Good Hope, adding 6,000 nautical miles to the journey and causing delays and higher prices. The widening violence in the oil-producing Middle East is another ...
#newstr #ContainerShipping #UsEconomy #FreightRates #RedSeaCrisis #PanamaCanal