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Freight rates set to flare up as shipping lines avoid Red Sea

IndiaTimes Sunday, 24 December 2023
The recent attacks on ships and the decision to use the Black Sea route will impact Indian trade with increased freight rates, container supply problems, and higher costs. A drone attack in the Red Sea by Houthis has prompted major shipping companies to divert vessels, resulting in longer routes and increased charter costs. The challenges in shipping logistics due to attacks on ships may push freight and insurance costs higher. Efforts are needed to diversify trade routes and enhance maritime security cooperation. India should work to decrease reliance on the Bab-el-Mandeb Strait for energy imports.
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