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HAFFA Expects Middle East & Europe Freight Costs to Rise 30%, E-commerce Shipments Most Affected
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Gary Lau, Chairman of the Hong Kong Association of Freight Forwarding Agents (HAFFA), said in an interview that the Russia-Ukraine conflict has long made Russian airspace inaccessible for freight. Most goods transported from Hong Kong to Europe originally needed to fly over the Middle East or transit there. The current situation in the Middle East, however, is troubling for freight logistics. With many airspaces in the region being closed, the logistics chain for the Middle East and European freight markets has been disrupted significantly, which may lead to hundreds of thousands of tons of cargo being stockpiled. Lau estimated that freight costs would increase by 30%, and e-commerce shipments would be the most affected among all. AAStocks Financial News |
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