[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help] 

Status: Not Logged In; Sign In

The Money and Power Behind the Riots: This is No Grass-Roots Movement

D.C. Judge Sides With Trump In Lawsuit Over Control Of Corrupt Foreign Aid Agency

Israel Iran Double Standard

Soros Funneled $8.3M into Leftist Group Trying to Turn Lone Star State Blue

California Democrats Under Fire for Buying Bricks During Protests

ICE Launches Campaign to Crack Down on Marriage Fraud Could Ilhan Omar Finally Face Justice?

Joe Rogan's podcast predicted violent LA riots two years ago leaving viewers stunned

Anti-migrant rioters shouting 'f*** off foreigners!'

Amazing things happen when you actually cut government spending.

25 Vaccine Death Stories To Share In Social Media

The White House just posted this:

US Anticipating Potential Israeli Attack on Iran

Grok Is Using a Far-Left Fact Check website to Smear and Censor Conservative Outlets on X

Over 300 UK Foreign Office staff told to consider resigning if they disagree with government's Gaza policy

Jimmy Dore: Here’s How Israel’s Massacres At Aid Sites Work!

Iran successfully tests missile with 2-ton warhead

Liberal Teachers Union Presidents Rally Behind LA Rioters

Ilhan Omars Daughter Applauds Anti-ICE Riots, Urges Death to Colonial Empire: U.S. and Israel One Oppressor

California Leaders Want United Nations Blue Helmets to Expel Federal Forces from the State

Tulsi Gabbard Warns of “Nuclear Holocaust” in Chilling 3-Minute Plea

LBMA Silver Short Position Now 2nd Largest In History

Chumbawamba - Tubthumping

Something BIG is happening right now in the Middle East, Israel ready to attack Iran

AMERICA ON FIRE: Riots & Chaos as Trump Quadruples ICE Raids!

THE BANKRUPTCY OF THE UNITED STATES (Emergency Banking Act)

In France, young women are starting to buy pet pigs to avoid being harassed by Muslim men

Elderly Veteran kills 3 Home Invaders

Number One Longevity Food

Inflation Highest In Democrat States, Lowest In Republican Deep South

TikToker admits to being paid $150 a day to protest Trump’s deportation policies in LA


World News
See other World News Articles

Title: Supply Shock: Shipping Container Costs Top $10,000 Amid Red Sea Turmoil
Source: [None]
URL Source: https://www.zerohedge.com/commoditi ... ed-sea-turmoil-thinning-global
Published: May 30, 2024
Author: Tyler Durden
Post Date: 2024-05-30 07:34:34 by Horse
Keywords: None
Views: 40

A more conventional supply shock is underway - nowhere near the nuclear-level hit by government-enforced lockdowns several years ago. The Israel-Hamas war has led to Iran-backed Houthis freezing the critical maritime chokepoint of the Bab al-Mandab Strait, attacking Western commercial vessels with missiles and drones (the latest incident on Tuesday), and forcing major shipping operators to reroute containerized freight around the Cape of Good Hope, which strains the world's containerized capacity and has just sent shipping costs surging once again.

Bloomberg reports new data from France-based CMA CGM SA, the world's third-largest carrier, indicating that the cost of shipping a 40-foot container from Asia to northern Europe jumped to $7k in the second half of June, up from $5k in the first half of the month. Rates ranged from $6k to $6.5k, with premium services approaching $1k.

"With capacity stretched by more than five months of attacks on vessels in the Red Sea, the container shipping industry is scrambling to meet demand that's picking up in the US and Europe," Bloomberg said.

Data from Bloomberg shows that Shanghai to Los Angeles, Shanghai to Rotterdam, Shanghai to Genoa, and Shanghai to New York are some of the most critical shipping lanes experiencing a price jump.

Trine Nielsen, senior director and head of ocean EMEA at Flexport, said companies are "double-booking or increasing booking numbers to secure space" amid thinning capacity.

The chief executive of Germany-based Hapag-Lloyd AG, the world's number five container carrier, blamed the surge in shipping rates on the continued Red Sea chaos and shrinking capacity, plus "really strong demand."

There are no forecasts on how long the price surge will last. However, Hapag-Lloyd CEO Rolf Habben Jansen said, "It could still last for another couple of months if the Red Sea situation doesn't improve."

News today from Bloomberg says Israel will need at least seven more months to defeat Hamas. This suggests the fight could expand outside of Gaza to either Lebanon or Iran. If that's the case, expect continued bombardment of ships in critical maritime chokepoints by Houthi rebels - with increasing risks of an oil supply shock that could send Brent crude over $100/bbl.

What a mess for Jerome Powell and company trying to slay the inflation monster.


Poster Comment:

A few weeks ago 40 foot containers were selling for $2,500. I was thinking of putting 6 together to make a Faraday cage home that would protect me from 5G towers. A cell phone saleswoman said people are demanding 5G. Same people who are double vaxxed?

Post Comment   Private Reply   Ignore Thread  



[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help]