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Global shipping prices stabilising in wake of Suez disruption, but at higher level

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Derryn Wong

Derryn Wong

Published Sat, Mar 30, 2024 · 05:00 AM
    • Continued Houthi attacks in the Red Sea have forced shipping companies to take the longer, more expensive route around the Cape of Good Hope.
    • Continued Houthi attacks in the Red Sea have forced shipping companies to take the longer, more expensive route around the Cape of Good Hope. PHOTO: AFP

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    GLOBAL shipping prices are starting to stabilise, after rising for several months due to Red Sea tensions – but they may settle at a higher level than before, said industry observers.

    Lian Hoon Lim, managing director at consulting firm AlixPartners, said: “The general consensus is (that stabilisation is happening) because supply and demand of shipping capacity is coming back into balance after the initial shock.”

    Container shipping prices rose dramatically in the last quarter of 2023, after Houthi rebels began attacking ships in the Red Sea in protest against Israel’s war in Gaza.

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    ShippingRed SeaSuez canalDisruption

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