In New Zealand dollar terms,
the index lifted 1.5% m/m as the NZD Trade Weighted Index fell 0.7%.
As part of this report ANZ cover global shipping prices:
Global shipping prices remain high as ships continue to avoid the Suez
Canal due to ongoing tensions in the Middle East, and congestion occurs in
the Port of Singapore. The volume of cargo travelling through the Suez
Canal has dropped to about one third of normal levels. Most ships are
rerouting around Cape Horn, effectively tightening the supply of ships and
putting pressure on shipping prices. Most of New Zealand’s exports go to
Asia, meaning we have limited direct exposure to issues in the Middle East,
but we are directly impacted by the delays in getting ships into and
unloaded in Singapore. The combined impact of the disruptions means there
are fewer ships available to service New Zealand, and exporters are now
starting to report increased costs to get product to market.