What impact is the Red Sea crisis having on global supply chains?
The International Trade Team here at the Chamber have been keeping an eye on trade and the impacts that the Red Sea crisis is having on global supply chains.
The problems started back in October 2023 with the flagship Galaxy being attacked on 19th November. Since then, problems have escalated with several more ships being attacked. This has impacted global supply chains significantly with some businesses choosing to carry on taking risks or accepting the enormous re-route. This is expected to cost an additional $1m in fuel per re-route, with freight prices rising to 300%.
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