One year of crisis in the Red Sea: sea freight rates have doubled and are already threatening shortages

The crisis in the Red Sea has not shown any signs of weakening for a year due to the escalation of armed conflicts in the area. A situation from which Spanish ports have benefited from the reconfiguration of maritime trade routes, but which is not sustainable in the long term due to the serious cost overruns it is generating in inputs. Namely, the price of maritime freight (transport cost) has already more than doubled since the end of 2023 after growing by 113% according to Bimco and the cost overrun already amounts to 1.56 million euros, according to data from International Transport Forum. These are figures collected by the company specializing in the port sector Ocean Capital Partners (OCP), which has made an analysis on geopolitical instability in maritime freight transport and its consequences on Spanish ports.