Shipping sector will recover fast; container freight rates may rise: Allcargo Logistics
The Suez Canal blockage has finally been cleared with the massive container ship, Ever Given being refloated. The blockage resulted in over 200 ships being stalled or redirected. Many experts feel that the repercussions of the blockage will be felt for months because of delayed shipments and order backlogs.
Shashi Kiran Shetty, Group Chairman of Allcargo Logistics, is in the camp that feels the problem may not persist for long.
“The disruption due to this blockage will be over in a short time. I think the shipping world will recover pretty fast, I don’t see a major challenge going forward,” he said in an interview to CNBC-TV18.