Ocean freight update: Red Sea events continue to drive TEU spot rates

Following the attacks in the Red Sea, TEU spot rates have seen a sharp and rapid increase, similar to patterns observed during the pandemic. High Inflation levels remain, exceeding historical levels, driven by emerging supply chain risks mainly due to the situation in the Red Sea, industrial actions, and other factors. Maersk and Hapag-Lloyd have announced a new partnership called ‘Gemini Cooperation’ starting in February 2025. Looking at schedule reliability, as carriers implement new schedules following the situation in the Red Sea, reliability is expected to increase again.