Shipping Rates Experience Volatility Amid Red Sea Crisis In February

Shipping rates, particularly for Very Large Crude Carriers (VLCC), surged in February, reaching their highest levels since November 2023.
Tensions in the Red Sea region and attacks on commercial vessels have led to disruptions, causing vessels to opt for longer routes around Africa and impacting global trade.
The United Nations Conference on Trade and Development (UNCTAD) issued a warning about potential long-term consequences, emphasizing threats to global supply chains and increased costs.
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