Vietnamese Shipping Companies Raise Transportation Fees Due to Red Sea Tension

Since Jan-24, several major shipping companies in Vietnam have implemented fee increases due to altered itineraries aimed at avoiding conflict zones in the Suez Canal and the Red Sea area. During the same month, fares to the United States (US), Canada, and the European Union (EU) experienced significant hikes compared to Dec-23. Notably, fares to the West Coast (LA) increased by USD 800 to USD 1,250, while the East Coast (NY) surged from USD 1,400 to 1,750. Fares to Hamburg more than doubled, reaching USD 4,350 to 4,450, compared to the rates of USD 1,200 to 1,300 in Dec-23. This situation poses a new challenge for seafood businesses in 2024.