Data analytics company Russell Group estimates the Iskenderun Port closure, following the devastating earthquakes in the region, could cost it around $679m by the end of the month, reports The Loadstar.
The analysis
Today, Evergreen, in line with other carriers, announced it would divert Iskenderun-bound cargo to Mersin, some 200km to the west and itself is close to the significantly damaged Syrian region of Aleppo.
The first major shock toppled container stacks in Iskenderun’s terminal yard, sparking a major fire, which although reported as under control, has closed the port for an indefinite period.
Russell Group analysis is based on modelling that looked at the actions of major shipping companies, “which are offering free cancellations, amendments and changes of destination on all shipments heading to Iskenderun, throughout February”.
