Drewry: Red Sea crisis may increase total round voyage costs by 21%

Vessels transiting around the Cape of Good Hope due to the Red Sea shipping crisis could suffer a 21% increase in total round voyage cost if carriers increase speeds to keep transit times in line with the regular Red Sea route , according to Drewry.

The analyst drew up two scenarios investigating how rerouting via the Cape may impact the costs of a voyage taking into account transit times and travelling speed from the last port in Asia to the first port in Europe.

The scenario for a 21% rise in cost requires increasing the speed by over 5 knots, which would effectively double the total round voyage fuel cost.