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Record High Ocean Freight Rates Amidst Red Sea Crisis
Ocean freight rates are heading to record high levels with global events like the Red Sea crisis; port congestion especially in the Middle East and Asia regions; container repositioning imbalance – with there being higher number of empty containers in Colombo and the Gulf region instead of China; and strong container demand being seen as prime causes. Freight rates are up. And the Drewry index is up 2 times y-o-y in year-to-date CY24.
