Affected by the blockage, in early trading today, the European line container transportation soared, and the main contract of the container transportation index (European line) closed the daily limit, an increase of 999%。
Two of the world's largest container shipping companies said on Friday that they would suspend sailing through the Red Sea due to attacks on ships. Now two more oil companies have said they are insisting on including a clause in their charter parties to allow ships to sail around Africa if they deem the waters off Yemen unsafe.
It is expected that the bypass is expected to significantly boost market sentiment in the short term, and the futures market is expected to gain a significant upward momentum due to the upward support of spot freight rates.
[Institutional Perspective].
Soochow**: The Red Sea attacks caused shipping companies to take a detour to the Cape of Good Hope in Africa to reach a Nordic port and no longer pass through the Suez Canal. Taking the Port of Shanghai - Port of Hamburg as an example, if you pass through the Suez Canal, the whole journey is about 11,000 nautical miles, according to 135 knots h, about 34 days of driving; If you go around the Cape of Good Hope, the whole journey is about 14,200 nautical miles, according to 135 knots h, it takes about 44 days. To sum up, the Red Sea attack has greatly increased the cost and time of shipping, reduced the efficiency of navigation, and has a certain boost to freight rates.
SDIC Anxin: Speculation is heating up whether airlines will avoid the region and detour the Cape of Good Hope to Europe in the future. At present, if all the Asia-Far East and Mediterranean routes are detoured, it will bring about 30% and 80% of the capacity gap to the European and ground routes respectively, and will bring additional fuel costs to the ground routes. It is expected that the bypass is expected to significantly boost market sentiment in the short term, and the futures market is expected to gain a significant upward momentum due to the upward support of spot freight rates.