Representatives of the Hellenic Federation of Enterprises (SEV) warned that the Houthi rebel attacks in the Red Sea were negatively affecting domestic costs due to delays in the supply chain, with some pundits estimating the cost of transporting a container from Asia to Piraeus had almost tripled, from €2,000 to €6,000-€7,000, since the crisis with the Houthis broke out at the end of November 2023.

Among the attendees, in the closed briefing event focused on the geopolitical turmoil, was Pavlos Paschopoulos, Director of International Trade at the TITAN Group, Alexandros Katraouzos. Managing Director at NEOTEX, Andreas Loukakis, Managing Director at Viexal, Thanassis Karlis, Strategic Planning and Marketing Officer. Piraeus Port Authority (PPA-Cosco Shipping)., Nancy Kalaitzi, Director of Maritime Transport at Goldair Cargo, Alexandros Andreoulis, Regional Logistics Manager at INTERSPORT, Thrassivoulos Pagoulatos, Purchasing Director at METRO ΑΕΒΕ, George Spigos, International Sales Manager at UNI-PHARMA.

Among other things, it was emphasized that the forced circumvention of the Red Sea by many shipping companies opened a vicious cycle of price increases in the market

At the closed event, member businesses of the Association and the speakers discussed possible ways to limit the impacts on the supply chain.

Among other things, it was emphasized that the forced circumvention of the Red Sea by many shipping companies opened a vicious cycle of price increases in the market. The surge in freight rates is pushing up transport costs, which inevitably, at least in part, will trickle down to the final prices of products.

Difficult Times Call for Resilience

The attendees agreed that amid these tumultuous times, it has become imperative to strengthen the resilience of businesses in the face the various geopolitical uncertainties.

The crisis in the Red Sea has had significant implications, both in the global supply chain and international trade. This threat has intensified impacts on the Greek economy and affected most sectors, according to SEV analysis.

It is estimated that 15% of global maritime trade, 8% of grain trade, 12% of maritime oil, and 8% of liquefied natural gas pass through the Red Sea.