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1:25. European natural gas prices rebounded after a two-day slide as more attacks on vessels in the Red Sea raised the risk of prolonged disruptions to a key shipping route. Benchmark futures.
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Global oil prices rose on Wednesday as concerns over delays in the Red Sea were compounded by reports of disruption to Libya's biggest oilfield. However, crude prices have remained relatively.
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Key Points. The Red Sea crisis is having a global ripple effect on freight rates with shipping costs between Asia and the U.S. now spiking as well. JPMorgan told clients the fight against.
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The alternative route for ships traveling from Asia to Europe around the Cape of Good Hope adds about 3,500 nautical miles (6,482 kilometers) for a ship traveling to Europe from Singapore.
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Up to a quarter of the world's goods ship through the Bab al Mandeb, including critical energy supplies for Europe from the Persian Gulf. Photograph by Gallo Images, Orbital Horizon/Copernicus.
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This is good news for shipping stocks. Maersk shares are up over 17% this week alone, their biggest weekly jump since April 2009, making them the biggest gainer in Europe's STOXX 600 benchmark.
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The cost of transporting a container to an East Coast port from China has soared to around $3,900 from $2,300 before the Red Sea attacks, says Zvi Schreiber, the chief executive of Freightos, a.
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MSC, the largest ocean carrier in the world, was the first shipping company to release rates for the second half of January. Starting Monday, container rates for MSC clients will be $5,000 for U.S.
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