Red Sea Shipping Crisis Sparks 'Recession-Level' Slowdown, Pushing Cargo to the Skies
Whirlpool's CEO has warned that the ongoing crisis in the Red Sea is causing a 'recession-level' decline in demand for major appliances. Houthi attacks on commercial vessels are forcing container ships to take a much longer and more expensive route around Africa. This disruption has caused ocean freight rates on key Asia-Europe lanes to more than double. As a direct consequence, shippers are increasingly turning to air cargo as a faster, albeit more costly, alternative to bypass the maritime chaos. This shift is creating a significant, unplanned surge in demand for air freight services.
Official Source: https://theloadstar.com/cnbc-markets-whirlpool-says-iran-war-causing-recession-level-industry-decline/
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