i think the concern right now is really kind of concentrated on the longer shipping time. the market is not pricing in that we actually lose barrels from the market as a result of what is happening in the suez canal. what it is concerned with right now and the reason it has risen 6% is because the shipping costs associated with travelling around the southern tip of africa to reach its destination adds around 15 days of travel time. it increases freight costs. and it has increased insurance costs. so that is what the market is pricing and looking at this point. the market has not entered a panic mode, as we ve seen in the past with other geopolitical events, where it starts to price in supply is lost from the market. right now, it is a logistical re routing, what we are seeing, and not kind of that panic and fear that we are going to lose barrels. that obviously can change very rapidly, and we have seen that obviously can change very rapidly. the venezuelan president nicola
middlesbrough will play chelsea. the semi finals take place across two legs next month. we ll have more football results for you in a moment but let s stay in england because a day after the club sacked steve cooper, nuno espirito santo has his feet under the desk at nottingham forest, the portuguese takes charge of his third premier league club after spells at wolves and spurs asjoe lynskey reports. they are five points above the drop zone. the man in charge hauled them up from the depths of the second tier. this week at forest, things have changed quickly. steve cooper has been sacked and within 2a hours nuno s comes in. forest wants him to take them up a level. big chance. very honoured, it is a pleasure to be here at forest and be able to manage such a great club with such great history. what i expect is to help. try to transmit my knowledge and work ethic to the players so they can become a better team. this is what we want. he arrives with reputation but with points to
appliance company electrolux is setting up a task force to find alternative routes while ikea is warning of potential product shortages. ryan petersen from the supply chain management company flexport told me more about how the disruption is already impacting business. it s just getting started, but over the weekend and through today, we ve had all ten of the top container shipping lines in the world represented about 95% capacity have begun delivered vessels to avoid salem to the red sea and to go around the tip of africa, as you said. it takes about 25% longer to go that way, from asia to europe, and it went reduction in the supply of shipping, we are going to see huge delays, obviously, but also big price increases, because its supply and demand, and if the supply comes down .5%, one thing we ve learned last few years is a small disruption in supply can lead to a huge swing in price. indeed, we are seeing an impact on oil prices as well there. the united states planning to
was made after the game and liverpool will face fulham and championship side middlesbrough will play chelsea. the semi finals take place across two legs next month. we ll have more football results for you in a moment but let s stay in england because a day after the club sacked steve cooper, nuno espirito santo has his feet under the desk at nottingham forest, the portuguese takes charge of his third premier league club after spells at wolves and spurs asjoe lynskey reports. they are five points above the drop zone. the man in charge hauled them up from the depths of the second tier. this week at forest, things have changed quickly. steve cooper has been sacked and within 2a hours nuno s comes in. forest wants him to take them up a level. big chance. very honoured, it is a pleasure to be here at forest and be able to manage such a great club with such great history. what i expect is to help. try to transmit my knowledge and work ethic to the players so they can become a bett
the southern tip of africa. appliance company electrolux is also setting up a taskforce to find alternate routes, while ikea is warning of potential product shortages. ryan petersen from the supply chain management company flexport told me more about how the disruption is already impacting businesses. it s just getting started. over the weekend and through today we have had all ten of the top container shipping lines in the world, representing about 95% capacity, have begun to divert vessels to avoid sailing through the red sea and to go around the tip of africa, as you said. it takes about 25% longer to go that way from asia to europe and, well, 25% reduction in supply of shipping, we re going to see huge delays, obviously, but also big price increases because, well, it s a supply and demand and if the supply comes down 25%, one thing we have learned in the last few years is a small destruction and supply can lead to a huge swing in price. are small disruption in supply c