News
The number of containerships that has been diverted from the Suez Canal to the Cape of Good Hope route has reached 354 ships of 4.65 million TEUs since Dec. 15, accounting for 80% of all of the ships moving between the Atlantic and the Mediterranean basins and the Indian Ocean, according to Linerlytica. These diversions will result in an expected capacity shortfall of up to 40% for departures from Asia to Europe and the U.S. East Coast in weeks 4 to 6, with freight rates expected to surge further over the coming weeks. The delays have also affected the availability of containers returning to Asia, with new container production rising sharply since December while prices of new equipment has jumped by over 20% in the past month. The only relief will come from new vessel deliveries, with the run rate rising to over 250,000 TEUs a month and a full year delivery schedule of 3.2 million TEUs due in 2024.
