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    Red Sea crisis will last for another year – Here’s how it affects Sri Lanka’s economy

    The Global Research Initiative and Economic Intelligence Council have reported that the Red Sea crisis will have a long-term impact on global trade through 2025.

    Due to this crisis, transport travel times have increased by 30%.

    And global shipping capacity has decreased by 9%, resulting in a 40 to 60% increase in shipping costs.

    This situation is expected to adversely affect Asia, Africa and Europe.

    However, despite the ongoing Red Sea crisis, the Port of Colombo showed a 25% increase in transshipment volume in January compared to the previous year.

    This is because the port of Colombo has become a major transit point for shippers diverting their vessels to the Cape of Good Hope.

    Transshipment volume accounts for a significant 81% of the total operation.

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