The Russia-Ukraine war will continue to have far-reaching effects on global trade, technology, and shipping. As shippers, it's crucial to identify and understand the implications on shipping and the freight market due to war and sanctions on Russia.
Many international companies are divesting their activities in Russia, as they are concerned about the reputational risks of doing business there. This causes a significant impact on container shipping due to a lack of goods coming into Russia.
As the West is no longer sending investments into Russia, Russian consumer demand will reduce, and the economy will likely struggle to bounce back.
Before the war on Ukraine, Russia managed 2-3% of global container handling, so being excluded from international business will cause multi-year damage, illustrated by the fact that Hamburg to Saint Petersburg freight rates went down by 20%.
Cargo disruptions continue as the US and UK have denied Russian oil, and containers are being sent to alternate ports. The dislocation of Russian-bound containers worsens the equipment shortage of dry and reefer containers, and the impact on fuel prices is also felt around the world.
To shed light on the current global situation and help us understand how the shipping market will react to these international events, Peter Sand, Xeneta's Chief Analyst, and Dr. Harry Boardman, Partner and Managing Director Chair at Berkeley Research Group LLC, will be LIVE in our 'State of the Ocean Freight Market' webinar.
Join us Tuesday, March 22 to learn how you can better react to current global events and prepare for upcoming ocean freight disruptions.
Join Xeneta's State of the Ocean Freight Market webinar on March 22 to get expert insight on how the market will react to these world events and take proactive steps to improve your ocean freight procurement.
If you can't attend the live webinar, don't worry. Simply sign up, and we'll send you the recording after the webinar is completed. Please send us any questions you would like to see answered by our experts at info@xeneta.com.
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