By Chrysostomos Tsoufis

The tremors in global trade from the disorderly situation in the Red Sea are beginning to be felt in the Greek market, which is experiencing significant delays in the first phase.

The first ships from Asian ports arrived this year to Piraeus with a delay of 14 to 19 days. And not only because they are forced to circumnavigate Africa instead of going through the Suez Canal, but also because they first head to Northern European ports – such as Rotterdam and Hamburg – and then set sail for Mediterranean ports.

In early December, a cargo from its port Ho Chi Minh (ex Saigon) to Piraeus took 25-30 days and cost $1800.

Now everything has at least doubled. The ship now takes 70 days to arrive – since it first goes to Northern Europe – and the cost is $3,800.

Alternatively, some shipping companies suggest to their clients the chartering of a ship that will come directly to Piraeus in 55 days but with a “cap” at the cost of $300-$600.

According to market factors its perimeter Africa it costs $400,000 in extra fuel and there are reports of a 5-8% increase in insurance as well

After all this, it becomes clear that the spectrum of appreciation is close. Currently clearing products at current shipping costs would result in a 10% bill increase which would be shelved.

Importers explain that the lower the value of a product, the greater the increase in its cost. If 1 container has $40,000 worth of goods and freight is an additional $4,000 – as it is today – then the increase is 10%. If the value of the container is half that, ie $20,000, then the increase is 20%

In the first stage, however, the companies will operate with the stock they have and help each other until the market reaches the “drying up” point. This, even if things do not improve, is expected to occur in a period of 45 days to 2 months. From then on, entrepreneurs will be forced to massively pass on the increased costs to consumers according to market players who spoke to skai.gr.

However, in seafood, the price increases will probably come sooner. Greece imports large quantities of octopuses, squids and other seafood from India, Indonesia, Malaysia and Cambodia. And the workers in the fish markets expect increases of 30-35%, while in order to avoid shortages, they will try to import quantities from other countries such as Argentina.

Through the Suez Canal, from the ports of China alone, products worth €9 billion arrive in Greece every year. At the top of the list are computers. electrical appliances, fixed and mobile telephone accessories, air conditioners, and toys, clothes, shoes, rice. tea and spices.

And if the tension escalates, revaluations will be the lesser evil since shortages will be significant, the market warns.