We expect the congestion at Southeast Asian ports to continue for at least the first half of 2025. This has been an ongoing phenomenon since 2024 and the driving factors are expected to persist in 2025. Internationally, this is due to the instability in the Middle East and the Red Sea. This is unlikely to be resolved in the near future, causing vessels to be diverted around the Cape of Good Hope and leading to longer voyages and port congestion. There are also factors specific to Asia. The longer voyages increase the need for transhipment in the area, and so traffic in the nearby waters. The expected shift of manufacturing bases to Southeast Asia is also going to contribute. The knock-on effects of these issues will be significant: freight rates will remain high; diversion may bring about piracy risks; and all of these issues will keep insurance costs high.