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Date: 04/12/2024

Freight rates likely to continue rise

Global shipping costs are expected to remain high next year, with freight rates likely to continue rising due to ongoing challenges in the shipping industry, including US President-elect Donald Trump’s tariff threats and the situation in the Red Sea. CMA CGM (Taiwan) Ltd Managing Director Mr John Lim was quoted as saying that the targeted tariffs on China’s imports would push the country to seek new markets, leading to a shift in trade routes towards Europe, Southeast Asia and other regions. He also said that retailers in the US are expected to quickly frontload their inventories to the States before the tariffs are imposed. Regarding the situation in the Red Sea, he said the continuation of geopolitical tensions would result in longer shipping voyages, as per a report.
 
Source: Exim News Service: Kuala Lumpur, Dec. 3



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