Maritime Freight Going Up: Get Ready to Pay More

Starting in January 2024, there will be an expected increase in food prices and maritime freight due to attacks on ships in the Red Sea.

This will have consequences for importers and consumers. Goods are taking longer to reach Mauritius because of these attacks.

The State Trading Corporation is closely monitoring the situation, but currently, there is only a delay in a shipment of sunflower oil from Ukraine.

The attacks in the Red Sea, claimed by Houthi rebels in Yemen, are reportedly disrupting global supply chains in response to Israeli bombings in Gaza.

The Red Sea is a crucial trade route, with approximately 20,000 ships passing through the Suez Canal each year.

Major maritime transport companies like Maersk, Hapag-Lloyd, CMA CGM, and MSC have announced their ships will avoid the Red Sea due to the increasing number of attacks.

This will result in an inevitable increase in freight and commodity prices, depending on the duration of the crisis.

Source: Defi Media