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Singapore port is crazy congested! With the arrival of peak shipping season, will the 'big jamming vessels' continue to drive up freight rates?
The congestion at Singapore port highlights the ripple effect of the Red Sea attack on the global economy.
A new risk has emerged in global shipping: tens of thousands of American port workers may stage large-scale strikes.
① The global transportation industry is facing a new risk this week: Dockworkers at ports along the east coast and Gulf of Mexico in the USA may hold a large-scale strike. ② If the union initiates the strike in early October, it will coincide with the peak shipping season for US holiday containers and the critical period before the US election, which is likely to have an impact on domestic politics and global trade security in the USA.
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Shipping stocks are rapidly surging! The crisis in the Red Sea has triggered soaring freight rates, and these concept stocks have already doubled in value this year.
In May, the index for block orders (European line) continued to rise, with a cumulative increase of more than 40% throughout the month, and multiple times refreshing historical highs.
The Red Sea is all to blame for the epic “Big Boat Jams”!
The diversion of merchant shipping caused by the Red Sea crisis is triggering a “butterfly effect” around the world. The average shortest transit time from Asia to the Mediterranean has increased by nearly 40%, leading to congestion at major Asian ports such as Singapore, and a drop in the punctuality rate of container ships. The chain effect is also affecting air freight prices.
Recovery in global commodity trade pushes up shipping charges and resurgence of tight supply chains
The catalyst for the month-long rise in sea freight rates came more from concern than optimism, including concerns about Asian port congestion, North American labor strikes that could hinder port or rail services, and heightened geopolitical tension.