UNCTAD raises concern over disruption of trade on major sea routes
Recent attacks on ships in and near the Red Sea by Yemen’s Houthi rebels have affected some of the world’s top shipping and oil companies. PHOTO | FILE | NMG
The United Nations Conference on Trade and Development (UNCTAD) has raised concerns about escalating disruptions to trade which have resulted in a decrease in global trade volumes by 42 percent, with shipping rates surging by $500 in average container spot freight rates.
In a report released this week, the UN trade agency said recent attacks on ships in the Red Sea, along with geopolitical tensions affecting shipping in the Black Sea and the impacts of climate change in the Panama Canal, have created a crisis in the key trade routes.
