1 Following three consecutive merchant vessel attacks within a 24-hour window, the Joint Maritime Information Centre (JMIC) has once again raised the risk level for the Strait of Hormuz to SEVERE. This marks the first time the rating has been restored to this level since mid-June.
2 Entering July, spot freight rates on Asia-Northern Europe and Asia-Mediterranean routes have seen sustained upward momentum with mild pullbacks. Since early May, spot rates for Asia-Northern Europe have surged by nearly 300%, while Asia-Mediterranean rates have risen by over 100%. Liner carriers including Maersk, MSC and CMA CGM have announced another hike in target FAK rates effective July 15, alongside ongoing Peak Season Surcharge (PSS) levies to prop up freight prices.
3 Recently, Chinese ports such as Shanghai and Ningbo have been affected by severe weather. Combined with the concentrated surge of cargo volumes in peak season and mass vessel arrivals, port congestion has intensified continuously, further extending the turnover cycle of the entire supply chain.
