BofA tracks shipping data showing Red Sea transit recovery

Bank of America released its latest shipping and supply chain data tracking report, showing container shipping through the Red Sea has recovered to 65% of normal levels in the past two weeks.

The recovery marks an increase from 50% in September as container liners continue returning to the Red Sea route. Additional service returns are currently being planned, according to the report.

Global port congestion has decreased to 10% of the fleet from peaks of 11-12%, driven by reduced congestion in North Asia. Port congestion could increase in the coming weeks due to Typhoon Champi disruptions and vessel bunching from Red Sea route returns.

Container rates on long haul trades appear to have peaked. Europe and transpacific quotes are holding near Shanghai Containerized Freight Index levels due to solid off-peak demand and elevated congestion.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →