Eurasian routes of sea freight dropped sharply.

A report from Frence economic and trade magazine Le MOCI on October that the Eurasian shipping routes freight rates have dropped significantly. It is due to weak demand in Europe and the increase in new shipping volume, the delivery volume of new ships this year has hit a record high. The attacks on merchant ships in the Red Sea region last year forced shipping companies to bypass the Cape of Good Hope in Africa, which has become the norm in market operations and no longer has an impact on prices.

Despite the decline in freight rates on the Eurasian route, Drewry Shipping Consultants predicts that ocean freight rates will remain same as now, even if the Suez Canal is reopened, the container freight rates will still be difficult to return to pre-epidemic level. Since 2019, the global average freight rates have soared 87%.

*Photo reference: https://www.kingquenson.com/Industry_News/Red_Sea_Navigation_Suspension.html