Tensions in the Middle East that have led to a number of ships choosing to avoid the Red Sea and this is almost double the price of shipping from Vietnam to Europe, Sustainable Plastics is reporting. Prices for shipping 20 foot containers were in the hundreds of dollars just two months ago but are now upwards of US$2,400.
Points of note:
- Frequent disruptions to sea freight–COVID and now this–may make manufacturing closer to home more appealing; and
- Increased costs to consumers may lead to reduced consumption and less orders.