The Global Research Initiative and Economic Think Tank have reported that the Red Sea crisis will have a lasting effect on global trade until 2025.
The crisis has caused a 30% increase in transit times and a 9% decrease in global shipping capacity, resulting in a shipping cost increase of 40 to 60%.
This situation is expected to negatively impact Asia, Africa, and Europe.
However, the port of Colombo has seen a 25% increase in transshipment volumes in January compared to the previous year.
As shippers redirect their vessels around the Cape of Good Hope, the Colombo port has become a major transit point.
Transshipment volumes account for a substantial 81% of the total throughput.
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