Action by six states including Saudi Arabia against Qatar continues for a second week, with diplomatic ties cut and shipping movements restricted. The main impact has been upon oil prices and tanker rates, which fell 9% and 11% last week. That may reflect concerns that OPEC production cuts may unwind due to tensions within the group. Container rates also fell 1% on China-to-Gulf routes, partly reflecting lower bunker fuel costs. Comments from Maersk on finding alternative routes for Qatari traffic may have helped, though more rate decisions are due this week and may give a truer picture ...
Supply Chain Research
Copyright © 2024 Panjiva Supply Chain Intelligence, a product offering from S&P Global Market Intelligence Inc. All rights reserved.