As of January 7, the number of container ships diverted to the Cape of Good Hope due to the Red Sea crisis has risen to 354, equivalent to 4.65 million TEUs, or 16 percent of the global fleet, according to the latest report from Linerlytica4%。
This figure also accounts for 80% of all ships between the Atlantic, Mediterranean basin and the Indian Ocean. With most major shipping lines currently opting for the Cape route, this number will continue to grow in the coming week.
Linerlytica data shows that only France's CMA CGM and a handful of niche shipping lines operating from Asia to the Eastern Mediterranean and Baltic markets continue to use the Suez route. There have been reports that some shipping companies have negotiated with Yemen's Houthis for safe passage through the Red Sea, but this has not been confirmed.
"These diversions will result in capacity shortfalls of up to 40% from Asia to Europe and the US East Coast in weeks 4 to 6, with rates expected to soar further in the coming weeks," Linerlytica said. ”
The Shanghai Composite Index has been up 97% since the beginning of December last year, and there is room for further in the coming weeks.
In addition, delays have also affected the availability of containers to be shipped back to Asia, with new container production rising sharply since December last year, while new equipment has increased by more than 20% in the past month, according to Linerlytica, with the company noting that "the only relief will come from new-ship deliveries".