Shipping capacity reportedly down due to West Asia crisis

The West Asia conflict has reportedly slashed shipping capacity on routes to Europe and the US to 30-35% of normal levels, threatening India’s $195 billion export basket to these two regions, out of total projected goods exports of $437 billion. Over 400 tankers and 280 bulk carriers are stranded or idle in the Gulf, with Cape of Good Hope rerouting causing unscheduled port calls at Durban and Cape Town for refuelling. Smaller feeder vessels are now shuttling containers from India’s west coast to Khorfakkan, Aqaba, Jeddah and Al Sokhna, but these cannot move cargo beyond West Asia. Imports from China and Southeast Asia remain unaffected, as per a report.

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