Thailand seeks measures to cope with escalating situation in Red Sea
Thai exporters have been urged to promptly refine their export strategies given the escalating situation in the Red Sea that is affecting shipping costs and available vessel space while extending shipping duration.
Bangkok (VNA) – Thaiexporters have been urged to promptly refine their export strategies given theescalating situation in the𒐪 Red Sea that is affecting shipping costs andavailable vessel space while extending shipping duration.
Speaking after a meeting held on January 11 with the Ministry of Commerce, related agencies and shipping lines to assess theimpact of the attacks on international cargo ships in the Red Sea, Chairman of the Thai National Shippers' Council Chaichan Chareonsuk said the Houthiattacks are driving up costs to ship goods to North Africa, the Middle East andthe EU. The uncertainty is leading to delays in goods delivery tocustomers.
The International Chamber of Shipping said 20% ofthe world's container ships are now avoiding the Red Sea, using the much longerroute around the southern tip of Africa instead.
According to Chaichan, Thai exports affected bythe attacks include automotive parts bound for Saudi Arabia, North Africa andEurope, as well as car tyres, food products and electronic components headed toEurope. Thailand's exports to Europe comp🐻rise 7-8% of total shipments, makingit a crucial market.
Sompol Tanadumrongsak, Managing Director ofFortune Parts Industry Plc, said shipping costs to the Red Sea have increasedby 200-400%. For shipping routes to Jeddah, Saudi Arabia, Aqaba, Jordan,and Sokhna, Egypt, the cost has increased from 1,500 USD to 8,500 USD per 20-footcontainer. For containers bound for Turkey, the cost has risen from 2,400 USDto 7,500 USD per container. For routes to Europe, the cost has tripled comparedwith the previous year.
He said exporters and importersneed to prepare in advance for container bookings and shipping schedules,ideally around one month ahead. Ifthe export goods are not time-sensitive, it is advisable to wait until thefirst weeks of February during the Chinese New Year holiday because freightcosts are expected to decrease during that period, given the rush in activityoccurring in China before the holiday.
Director-General ofthe International Trade Promotion Department Phusit Ratanakul Sereroengrit said the Ministry of Commerce requested shipping companies maintain their freight rates as promised. Hesaid the shipping companies have assured the ministry the pre-booked freightrates will be honored without adjustment, though this is subject to the꧃ discretionof their parent companies.
Regarding surcharge costs, the ministry askedshipping firms to make clear announcements to enable exporters to plan andnegotiate with importers, said Phusit. The ministry is sending a letter to shippingcompanies to communicate these concerns and request clarity on the announcementof surcharges, he said, adding that these moves can facilitate exporters and importersin their planning of business operations./.
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