When it comes to the Red Sea crisis, the cause has been well documented over the past few months. "Diversions away from the Suez Canal have hit ocean freight trades hard from Asia to the Mediterranean, North Europe and U.S. East Coast. For a standard FEU, the Red Sea surcharge for exports out of the Mediterranean on long-term contracts sits higher than North European exports with a spread of $162. While the market low for both of these trades sits at $400, the market high sits at $1,295 for the Mediterranean and $750 for North Europe. "Bringing a reefer out of North Europe heading for the Far East, the average surcharge sits at $1,007 per box."

Source: The North Africa Journal February 23, 2024 17:12 UTC