Tankers forced to take costly detour around the Cape of Good Hope to avoid hazards
According to LSEG Shipping Research, rerouting tankers around the Cape of Good Hope due to attacks in the Red Sea can generate nearly $1 million per trip while doubling transit time. A recent report from LSEG Shipping Research found that rerouting an Aframax tanker from Asia to northwestern Europe via the Cape of Good Hope would incur additional costs of about $932,905 per trip and increase transit time 16 to 32 days.