In recent days, Yemen's Houthi rebels said they would ban Israeli-flagged vessels owned in whole or in part by Israeli individuals or entities from entering the Red Sea, the Gulf of Aden, and the Arabian Sea.
At the same time, the Houthis will ban ships owned by individuals or entities in the United States and the United Kingdom, or ships flying their flags, from sailing.
Source: CCTV News Invaded and deleted.
This means that Yemen's Houthi forces are expanding from the Red Sea and the Gulf of Aden to the Arabian Sea.
The Red Sea is one of the important shipping routes connecting Asia and Europe, and many grains and industrial products are transported through this shipping lane.
From the end of 2023 to the present, the disruption of Red Sea shipping has continued to impact and impact the global ** and ** chain.
The first impact of the disruption on the Red Sea is the cost of freight for consumer goods. In terms of the first chain, the costs of logistics, security, insurance, and escort will rise significantly.
According to an assessment given by Oxford Economics, the average retail value of a container is around $300,000. Since December 2023, the cost of shipping each container from Asia to Europe has been**around $4,000.
This suggests that if the full cost is passed on, the average of the goods in the container will be 13%。These losses can be stacked and ultimately borne by consumers, producers, and transporters around the world.
Comparison of import data between China and Europe
Data: Clarkson iFind Bloomberg.
In addition to container ships, car carriers have also been greatly impacted. According to Clarkson data, as of mid-January, the number of container ships entering the Suez Canal decreased by 82% compared with the average of the first half of December 2023, and the number of car ships decreased by 46%.
Due to heightened tensions in the Red Sea, the number of Red Sea transit car vessels plummeted from nearly 90 per month to zero on January 23, 2024, and all major shipping lines passing through the region have been diverted to the Cape of Good Hope.
Source: Gram Car Carriers
In response, Gram Car Carriers (GCC), a well-known Norwegian car carrier owner, said, "The Houthi attack on a merchant ship has caused no car carrier to transit the Red Sea for the first time in 30 years." ”
Unlike other shipping markets, about 80% of the business of car ship operators is bound by long-term contracts, so they can only circumnavigate the Cape of Good Hope to avoid the loss of facing the Red Sea crisis head-on.
At present, the automobile industry and the automobile shipping industry are in a period full of uncertainty and adjustment.
Disturbance of the situation in the Red Sea to car ships Data**: Clarkson study.
Faced with tensions in the Red Sea, many European automakers are facing multiple pressures on production, delivery and costs. For them, it is becoming more and more urgent to establish a relatively complete chain of parts and components in Europe and reduce their dependence on Asia.
On the other hand, Chinese automakers have rapidly increased their exports to Europe in recent years, especially electric vehicles, which have driven car carrier rentals at a rapid pace**.
Source: Beijing** Invasion and deletion.
Before the Red Sea crisis, the daily rent of transoceanic car carriers had risen from $1 two years earlier$60,000 soared to $10$50,000. And if the Red Sea conflict is not eased for the time being, then Chinese car carriers may also face higher transportation costs.
In this regard, many domestic car companies have begun to lay out the shipping industry. Among them, BYD's first car ro-ro carrier Trailblazer 1 made its maiden voyage on January 15, 2024, entered the Atlantic Ocean through the Cape of Good Hope on February 6, and successfully arrived at the port of Vlissingen in the Netherlands on February 21.
As the Red Sea crisis lasts longer and becomes more widespread, disruptions to the global maritime chain** will continue to increase.
In the face of the increase in shipping costs and the extension of the transportation cycle, foreign trade enterprises need to actively respond, find alternative transportation routes, and arrange orders in advance to ensure the normal progress of production and transportation.
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