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Global trade woes mount as shipping costs rise
The effects of restrictions on shipping in the Red Sea and Panama Canal are being felt around the world. Global trade is under immense strain, freight costs are rising, and environmental pollution is increasing.
Moreover, moves to avoid the Suez Canal for safety reasons and instead navigate around the Cape of Good Hope, have greatly increased travel times and led to significantly higher fuel consumption. "The shipowners have seemingly adapted quite well to the situation, considering the limitations on using the Suez Canal," he told DW, adding that costs briefly dropped this spring "after skyrocketing in January." Water levels and shipping are slowly returning to normal along the Panama Canal routeImage: Hady Khandani/JOKER/picture allianceShipping bulk commodities like wheat or liquefied natural gas (LNG) across the US is economically unviable, he added, leaving shippers with no alternative to the very long and dangerous detour route around Cape Horn on the southern tip of South America.
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