Red Sea Crisis Pushes Shipping Stores and Spares Costs Higher

The maritime industry has experienced mounting cost pressures in the past year as vessels reroute around Africa due to Red Sea security concerns.

Shipping industry analysts at Drewry report that vessels avoiding the Bab-al-Mandab strait in favor of the Cape of Good Hope route not only adds to increased tonne-miles, but the shift in established trade routes has also led to significant procurement challenges for stores and spares it…