Analysis-Singapore port congestion shows global ripple impact of Red Sea attacks

SEOUL/SINGAPORE - Congestion at Singapore 's container port is at its worst since the COVID-19 pandemic, a sign of how prolonged vessel re-routing to avoid Red Sea attacks has disrupted global ocean shipping - with bottlenecks also appearing in other Asian and European ports.

Ships are therefore offloading larger amounts at once at big transhipment hubs like Singapore, where cargoes are unloaded and reloaded on different ships for the final leg of their journey, and forgoing subsequent voyages to catch up on schedules. Singapore's MPA has reopened older berths and yards at Keppel Terminal and will open more berths at Tuas Port to tackle extended waits.

Rates had stabilised into April but in May "there was a significant increase in ocean freight exports of Chinese e-commerce, electric vehicles, and renewable energy-related goods," Asia-focussed freight forwarder Dimerco said. Ocean imports into Europe from Asia are also showing signs of a re-stocking season running into peak season - pushing rates to 2024 highs, Judah Levine of freight platform Freightos said.Rates from Asia and Singapore to the U.S. East Coast are at their highest since September 2022, while rates into the U.S. West Coast are highest since August 2022, freight platform Xeneta said.

Container Port SEVERE CONGESTION PEAK SEASON Global Port Congestion

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