Fears of prolonged Red Sea shipping crisis fuel inflation fears, as oil, retail cargo delays rise
Publishing timestamp: 2024-01-17 12:33:31
Summary
Shell confirms tankers are avoiding the Red Sea due to Houthi rebel attacks, causing shipping diversions and potential price impacts. Retail giants like Walmart are making alternate cargo shipping plans. The situation is expected to last for months, leading to a container supply crunch and increased shipping costs. The Red Sea crisis is affecting Egypt's economy and causing delays and congestion at ports. Companies are shifting to air freight and some manufacturers have halted production. Freight rates for East Coast and Gulf ports are increasing, while some logistics companies are re-routing to the West Coast.
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