Media reports maintained this citing top shipping executives in the country who reportedly attributed this increase to the situation in the Red Sea and congestion at various global ports, which extend voyage times.
Shipping routes now avoid the waters off Yemen due to attacks from Iran-backed Houthi militias. As a result, vessels traveling from Asia to Europe are rerouted around the Cape of Good Hope, adding an extra nine to fourteen days to their journeys apart from rise in cost.
Reports citing industry insiders claimed currently, a 20-foot container between Bangladesh and China costs at least $1500, a 100-per cent increase since early May while the cost of shipping to Singapore has reportedly increased by 50 per cent to $300 for a 20-foot container, and the Bangladesh-Colombo route has seen a 15 per cent increase to $230.
Meanwhile, freight rates have increased globally as well, as per reports, which added from the Far East to the US West Coast, rates have risen by 29 per cent since April to $4,468 per FEU, a 214-per cent increase from a year ago while rates to the Mediterranean have increased by 22 per cent to $5,044, doubling over the past year.
ALCHEMPro News Desk (DR)
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