A new report assesses the impact on shipping from the crisis in the Red Sea in 2024, marked by Houthi rebel attacks on commercial vessels. This led to significant disruptions in global shipping. Major container lines, including Maersk and MSC, halted or reduced operations in the region, prompting ships to reroute around the Cape of Good Hope. This detour added approximately 4,000 miles to voyages, increasing transit times by up to two weeks and escalating fuel consumption. Consequently, global marine fuel sales surged, with Singapore's bunker volumes reaching a record 54.92 million metric tons. Industries dependent on timely deliveries, such as automotive and electronics manufacturing, faced production delays and increased costs. The crisis also contributed to a projected 0.7 percentage point rise in global core goods inflation in the first half of 2024.

Read more about the findings here