Red Sea ship attacks not driving inflation, Moody's says [Reuters]
LKQ Corporation (LKQ)
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Source: Reuters
availability are muting the impact on inflation, analysts from Moody's Investor Service said on Thursday. Ships carrying everything from furniture and apparel to food and fuel are being diverted away from the nearby Suez Canal trade shortcut to the longer and more expensive route around Africa. Rerouting takes vessels and crew out of danger from drone and missile strikes by Iran-aligned Houthis supporting Palestinians as the Israel-Hamas war rages. Container ships are the No. 1 user of the Europe-Asia Suez Canal route. Most are avoiding the Red Sea in what has become the biggest disruption to global trade since the early days of the COVID-19 pandemic. Nevertheless, the diversions are not expected to have a huge effect on inflation because they are not driven by demand, said Daniel Harlid, a transport sector analyst at the credit rating and risk analysis firm. Rerouting ships around Africa requires anywhere from 6% to 10% more vessels, due to longer sail times slowing the retur
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News
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LKQ
Earnings
- 4/23/24 - Miss
LKQ
Sec Filings
- 4/23/24 - Form 10-Q
- 4/23/24 - Form 8-K
- 4/19/24 - Form 8-K
- LKQ's page on the SEC website