Second-largest drop in trade capacity
The now month-long Red Sea crisis has caused the second-largest drop in trade capacity in recent times and destabilised service networks, particularly affecting Asia-Europe routes.
The Sea-Intelligence Trade Capacity Outlook report compares this event with standard market fluctuations and recent disruptions. Notably, it draws a distinction between regular capacity dips during the Chinese New Year/Golden Week and unusual market shifts and highlights the pandemic's two stages— which first affected the Chinese ports and then the shipping industry worldwide.
The 'Ever Given' incident stands out for its profound impact, overlapping partly with Chinese New Year adjustments. However, the Red Sea Crisis surpasses even the pandemic's early effects, second only to the 'Ever Given' incident in magnitude. (pb)