BAKU, Azerbaijan, February 3. The authoritative consulting company Drewry, which specializes in analyzing the situation in the maritime industry, predicts a solution to the problem of cargo transportation through the Red Sea and the Suez Canal in the spring of 2024, Trend reports via Drewry.
"Spot rates on Asia-Europe/Mediterranean Sea routes have increased by more than 250 percent. The crisis in the Red Sea forces container ships to bypass the Cape of Good Hope, which means transit time is about 40 days. The situation in the Red Sea has had a significant effect on the global maritime sector, including route elongation, throughput, pricing, and surcharges," Drewry says.
However, company spokesperson Philip Damas noted, "We expect the intensity of the Red Sea crisis to diminish in March-April 2024."
"The problem of the Red Sea is destructive, but not as painful as the damage caused by the COVID-19 pandemic," Drewry opined.
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